Crypto payment company Ripple and Blockchain Founders Fund have announced a strategic partnership agreement to develop and adopt Web3-oriented start-ups. As part of the cooperation, Ripple made an investment in a Singapore-based venture capital fund, which will further support blockchain companies that are at an early stage but already have high potential. The amount of the investment was not disclosed.
Currently, Blockchain Founders Fund already has more than 100 companies in its portfolio focused on Web3 activities. One notable example is LunarCrush, a portal that analyzes crypto projects based on their social media quotability. According to Brooks Entwistle, managing director at Ripple, the partnership with the Singapore fund should unlock the full potential of blockchain as a technology and create a new range of products with real-world applications.
Ripple, Asia and technologies
In an interesting way, this partnership combines two traits inherent in Ripple’s business. The first is the crypto company’s affinity with the Asian region. Cryptopurity previously reported a large number of the company’s partners in key Asian countries, where the interaction is mainly in the area of payments and money transfers.
The second trait can be described as Ripple’s focus on developing new technologies and looking for opportunities to improve existing ones, while putting money on it. If not through such partnerships, the company invests directly in start-ups and encourages developers to create innovations for its own benefit.