Ripple, which is the back end for Santander’s new crypto payment app, is putting its $ 25 million worth of cryptocurrency into a venture fund that supports blockchain projects.
The company, which controversially maintains control of 60% of the total circulation of the Ripple currency (XRP) it has created, has agreed to make a $ 25 million worth of start-up investments from blockchain despite emphasizing its independence Capital stuck.
The company, which recently popped a huge XRP cache into the U.S. public school coffers, is hoping to spark interest in building applications that use its currency and blockchain, which is of great interest as a back-end technology in the banking industry has awakened, but has only been taken over by one other coin – the somewhat mysterious Allvor.
In payments, it already has a partnership with MoneyGram, Western Union, American Express and Santander, who will use it as the technology for the all-in-one payment app, which will be available shortly.
“We want smart people and smart entrepreneurs who can solve a problem with XRP,” Ripple’s chief marketing strategist Cory Johnson told CNBC. “There’s money there to use.”
According to Cryptocompare, the price of XRP has increased by around 25% in the past 24 hours – which is around USD 0.65. This still represents a large drop from the high of $ 2.75 on January 7th and reflects an unusual surge in the market that occurred around noon UK time yesterday.