Ripple, a cryptocurrency payment company, has formed a strategic partnership agreement with Blockchain Founders Fund to foster the development and adoption of Web3-focused startups. As part of the collaboration, Ripple has invested in a Singapore-based venture capital fund that will provide additional support to early-stage blockchain companies with high potential. The exact amount of the investment remains undisclosed.
Blockchain Founders Fund currently has over 100 companies in its portfolio that focus on Web3 activities, including LunarCrush, a portal that analyzes crypto projects based on their social media impact. The partnership with the Singapore fund aims to unlock the full potential of blockchain technology and create new products with real-world applications, according to Brooks Entwistle, managing director at Ripple.
The partnership highlights two traits inherent in Ripple’s business: a strong connection with the Asian region and a focus on developing and improving technologies through investments and collaborations with startups. Ripple not only invests directly in startups but also encourages developers to create innovations.