Ripple Investing in Startups That Use Its XRP
March 16 2018 - 12:48PM
ADVFN Crypto NewsWire
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Bitcoin Global News (BGN)
March 16, 2018 -- ADVFN Crypto NewsWire -- Ripple announced Monday
its plan to invest heavily in startup companies that are developing
ways to use the XRP for micro-payments. Ripple hopes to someday be
the cryptocurrency of choice for banks, but so far it has attracted
only cross-border remittance services Western Union and MoneyGram
as customers. The new investment plan is aimed at a second area of
growth: increasing peer-to-peer use of the XRP. Adoption of the XRP
by banks and other financial institutions will have to wait.
Ripple is a very big cryptocurrency, coming in third behind
Bitcoin and Ethereum, with a market cap equivalent of 1/5 that of
Bitcoin and 1/2 that of Ethereum. But Ripple is somewhat
desperately seeking justification for its valuation, scrambling to
find the right partners to give the XRP some meaning. So Ripple is
using the windfall of its success to advance XRP use cases in the
crypto ecosystem, starting with an investment $25 million in Omni,
a startup that is introducing XRP as payment for its Bay Area
"share economy" enabling storage and rental services.
In an interview with TechCrunch at the Money2020 Conference in
Singapore, Ripple CEO Brad Garlinghouse said, “We, Ripple, will
stay focused on solving that institutional use case, but we would
certainly partner with companies that are looking to use XRP in
lots of different ways. You should expect that you’ll see more of
those (referring to the Omni investment).”
By: BGN Editorial Staff
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