Ripple has grown to a reputable blockchain cross-border payment company with its RippleNet and On-Demand Liquidity programs used worldwide.
XRP price has gained approximately 4 percent in the past 24 hours to trade around $0.378419 on Friday.
Ripple Labs, a blockchain and crypto payment company, has announced a strategic investment in a Singapore-based venture capital fund dubbed Blockchain Founders Fund (BFF). The strategic investment in Blockchain Founders Fund (BFF) is reportedly meant to help early Web3 startups worldwide accelerate blockchain technology.
According to the announcement, the funding by Ripple will be used by BFF to support high-potential early-stage companies that are building the infrastructure and products for decentralised finance. Notably, Blockchain Founders Fund is backed by over 100 Web3-focused companies, including industry leaders, investors, family offices, and leading financial institutions.
Brooks Entwistle, Senior Vice President, and Managing Director at Ripple, commented,
It’s clear that blockchain technology can transform industries. We want to see startups unlock the potential of blockchain technology and are excited to partner with Blockchain Founders Fund to accelerate startups that are creating world-class products with real-world utility for the global market.
Aly Madhavji, Managing Partner of Blockchain Founders Fund, said the fund would go a long way in Web3 acceleration in the country and worldwide. Moreover, the Singapore government has set clear crypto regulations to help grow the nascent industry. Madhavji noted.
We are extremely grateful for the support received from one of the most prominent players in the industry. We are at the forefront of this revolution, and this partnership with Ripple will further drive the next generation of entrepreneurs and expand their businesses into new markets,.
Ripple has grown to a reputable blockchain cross-border payment company with its RippleNet and On-Demand Liquidity programs used worldwide. The company is, however, struggling with legal battles after the United States Securities and Exchange Commission filed a lawsuit claiming the company has been selling unregistered securities through the monthly XRP sales.
Regulatory uncertainty in the United States has put bottlenecks in blockchain investments, despite the recent banking crisis. For instance, Anchorage Digital, an institutional-grade cryptocurrency platform, announced earlier this week that it sent home 20 per cent of its workforce due to regulatory uncertainty in the United States. Ripple has already spent over $100 million in legal fees in the battle with the SEC on XRP sales, which the regulators think are unregulated securities.
As such, Ripple CEO Brad Garlinghouse has publicly indicated that the blockchain payment giant will transfer its headquarters to a crypto-friendly nation if the SEC wins the ongoing lawsuit.
With the SEC chair, Gary Gensler, publicly quoted saying all digital assets apart from Bitcoin are unregistered securities, Ripple could be silently preparing its departure from the United States. Moreover, XRP is traded in different centralised exchanges worldwide and used by different institutional investors in ODL services on various continents.
Meanwhile, XRP price is trading around $0.378419 on Friday, up approximately 4 per cent in the past 24 hours.
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