The funding would go towards accelerating the global adoption of blockchain solutions.
Blockchain payments company Ripple has invested in Blockchain Founders Fund (BFF), a Singapore-based Venture Capital Fund for Web3 startups.
Ripple and BFF confirmed this in a press release today. Per the written statement, the investment would support “high-potential early-stage” startups building blockchain-related products.
With the funding, BFF would invest in promising Web3 founders and support the over 100 existing startups in its portfolio, the press statement reveals. Some companies on BFF’s portfolio include Splinterlands, Dogami, Krayon, Altered State Machine, Magna, and LunarCrush.
“It’s clear that blockchain technology can transform industries,” Ripple Senior Vice President and Managing Director Brooks Entwistle said, commenting on the investment. “We want to see startups unlock the potential of blockchain technology, and are excited to partner with Blockchain Founders Fund to accelerate startups that are creating world-class products with real-world utility for the global market.”
Notably, Ripple’s investment is part of BFF’s Fund II fundraising round, which raised a total of $75 million from companies including Polygon, Ripple, Octava, NEO Global Capital (NGC), Appworks, GSR, LD Capital, Metavest Capital and individuals such as Sebastien Borget The Sandbox’s chief operating officer. BFF announced the close of the round in a press release at the end of last month.
The VC Fund, which said it had made 50 investments in early-stage Web3 startups in the past 12 months through its Managing Partner Aly Madhavji, revealed that the latest round of funding would likely be spread across 200 companies in the next 12 months in a Cointelegraph interview.
Recall that last week, Ripple Chief Executive Officer Brad Garlinghouse asserted that the firm remained strong financially. Notably, the Ripple chief disclosed this in response to concerns about the company’s exposure to failed Silicon Valley Bank.
It is worth noting that the firm has continued to expand abroad despite regulatory uncertainties at home.