Ripple Will Give $25 mln to a Startup That Finds The App For Its Blockchain

Ripple Will Give $25 mln to a Startup That Finds The App For Its Blockchain

The third most worthy cyber-coin in the world Ripple will be used by the self-titled startup, which issues it, to pile a quarter of a hundred million dollars into the fund for seed investment. This way, the company wants to stimulate the next-gen tech application built applying its software.

Ripple Stepping on The Future

Since the inception of 2018, Ripple has been since a lot of changeability. However, it doesn’t stop its leadership to think about the startup’s role in the destiny of the technology. This week, it was announced that the company was going to pile $25 million worth XRP units into the solving of a “problem,” as the chief market schemer at Ripple Cory Johnson explained in an interview with CNBC journalists.

According to his words, the company’s goal is to attract all those entrepreneurs who can find out how else the blockchain of Ripple can be applied in the modern world. It is noteworthy that Ripple, as of writing owns approximately 60 bln of the 100 bln XRP. In particular, Johnson said Ripple looks for intelligent individuals and businesspeople who could address the problem, and it requires money, for sure.

Where is Ripple’s Blockchain Used At Present?

Currently, the blockchain of Ripple is mainly used for real-time remittance arrangements for financial systems. Ripple notified about its collaboration with such large American money transfer companies as:

  • MoneyGram
  • Western Union
  • American Express
  • Santander

It is known that blockchain can be used beyond the realm of cryptos and finances in general, as it gets a wider adoption at the recording of data in the sphere of administration, medicine, shipping and so on. And as it seems, Ripple wants to get the precedence in the tech race.

Johnson even has shown how ambitious the company is, comparing its technology’s prospects to one that iPhone’s software possesses. Notably, iPhone’s core made other helpful private startups prosper. Thus, Johnson said:

"When I got my iPhone I did not think the killer app would be Uber, the most valuable private company in the world, or a competitor to Kodak with Instagram. I don't know what the best use of XRP is going to be, and I hope it's something we can't even think of."

Furthermore, Johnson added that Ripple would benefit, just like iPhone, if it helps other companies to get started.

"A lot of people are going to develop things using XRP, and because it sits on our balance sheet, it will be helpful to us from a valuation standpoint. If somebody starts the next Uber, or Instagram or Salesforce using XRP, that would be great for us."

The fund in question was set off by Blockchain Capital, a “vencap” firm running in the niche of the blockchain tech trend.

As of now, XRP itself is being traded at $0.49, in accordance with Coinmarketcap.com. As per CNBC, the coin increased by about 1% after the company’s announcement concerning the $25 million which are at the investment stake.