In a press statement, Ripple confirmed their participation in the fund saying that the contribution which was their first would certainly no be their last.
Case in point: Venrock, the venture-capital arm of the Rockefeller family (estimated net worth: $1 trillion) has teamed up with the crypto investor group, CoinFund, to help entrepreneurs launch blockchain-based businesses. It has invested in 72 companies, protocols, and tokens, including Coinbase, Ripple, Circle, Ethereum, 0x and Kraken.
As noted by Fortune, storage startup Omni raised $25 million in Series B funding - the majority of which came in the form of XRP - in December.
"The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol", Ripple's announcement added, pointing to applications of both open-source platforms in areas beyond payments.
"As pioneers in this Blockchain sector, we have been in the front-line looking to work with companies like Ripple in building a credible crypto ecosystem".
Whether it's using XRP, bitcoin or just the underlying blockchain technology, our goal is to find the best projects and give them the resources to be successful companies that deliver value to customers for the long term. Griffin stated that: "is is the first fund we have contribute. They have a proven track record for finding and funding the projects that matter", Patrick Griffin, senior vice president of strategic growth at Ripple, said in the blog post. "Our main aim is to become major layers in shaping the future of Blockchain and even other Blockchain companies".
Last month, Ripple partnered with Banking group Santander to release an worldwide money transfer app using Ripple's blockchain xCurrent and RippleNet platforms.