Third largest cryptocurrency – Ripple (XRP) announces its plans of Investing In Startups
After the most well-known cryptocurrencies Bitcoin and Ethereum, on the third row is ranked Ripple (XRP), currently being noticed as the third largest cryptocurrency by market cap. On contrary with its other opponents on cryptosphere that have seen massive decrease from the beginning of 2018, Ripple has not only seen a great movement in price, but also it has started getting people consider investing on it on a bigger scale; as it is having a satisfying investment potential. Despite its current situation – reaching $30 billion cap, Ripple earlier this year as its rivals, had a dip in its on market.
Even though, a huge number of insiders and investors headed directly to the movement of investing on Ripple and also buying the digital tokens, Ripple itself has other plans of investment. With the purpose of increasing the use case for its XRP digital currency, Ripple has reported its idea of investing in startups.
On one of his latest statements, Brad Garlinghouse, the Ripple CEO, stated:
“We, Ripple, would stay focused on solving that institutional use case, but we would certainly partner with companies that are looking to use XRP in lots of different ways.”
Ripple’s intention is to create closer relations with banks and financial institutions, by creating and developing digital currencies and transaction platforms that could be used by the ones mentioned above. Nevertheless, the board doesn’t seem to be against the idea of offering services to other new companies which are on their path of development; on the contrary, this plan fits well with the board intention as they think that this investment could strengthen the companies by adding the blockchain platform. The formulation of the plan is all different from before, Ripple’s strategy of deciding always to focus on the high-value banking applications, now is concentrated on spending more time on micro-transactions.
After all, Ripple had already started its investment by giving $25 million to San Francisco storage firm Omni. On the other hand, Omni will accept cryptocurrency transactions and it will also amalgamate the XRP platform for use in its own business.
Having these drastic changes, we must stay open to the new announcements on partnership deals that are expected to come during the upcoming weeks and months. Lastly, Ripple is looking forward on saving its position as a market leader on cryptocurrency industry.