Ripple Partners with Blockchain Founders Fund to Boost Web3 Adoption – XRP Struggles to Gain Traction

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  • Ripple Labs has strategically invested in the Singapore-based venture capital fund Blockchain Founders Fund (BFF) to accelerate global Web3 adoption and support early-stage companies focused on decentralized finance.
  • Meanwhile, XRP’s price has seen a moderate increase, while Ripple faces legal challenges with the SEC over allegations of selling unregistered securities through monthly XRP sales.

Ripple Labs, a prominent blockchain and cryptocurrency payment firm, has declared a strategic investment in a Singapore-based venture capital fund, Blockchain Founders Fund (BFF). This investment in BFF aims to expedite the global adoption of blockchain technology by assisting early-stage Web3 startups.

The announcement reveals that Ripple’s funding will enable BFF to back high-potential early-stage companies focused on developing infrastructure and products for decentralized finance. Importantly, Blockchain Founders Fund has the support of over 100 Web3-centric companies, including industry leaders, investors, family offices, and top financial institutions.

Brooks Entwistle, Senior Vice President and Managing Director at Ripple, remarked,

“Blockchain technology has the potential to revolutionize industries. We are eager to witness startups unleash the power of blockchain and are thrilled to collaborate with Blockchain Founders Fund to fast-track startups that are producing world-class products with tangible utility for the global market.”

Aly Madhavji, Managing Partner of Blockchain Founders Fund, expressed that the fund will significantly contribute to Web3 acceleration both in Singapore and globally. He added that the Singapore government has implemented clear cryptocurrency regulations to foster growth in the emerging industry. Madhavji stated,

“We are immensely thankful for the backing from one of the most distinguished players in the sector. We are at the vanguard of this revolution, and this alliance with Ripple will further propel the upcoming generation of entrepreneurs and extend their businesses into new markets.”

Ripple’s Global Investments in the Bigger Picture

Ripple has earned its reputation as a leading blockchain cross-border payment company through its widespread RippleNet and On-Demand Liquidity programs. However, the firm is currently entangled in legal disputes following a lawsuit by the United States Securities and Exchange Commission (SEC), which alleges the company has been selling unregistered securities through monthly XRP sales.

Regulatory uncertainty in the U.S. has hindered blockchain investments, despite the recent banking crisis. For example, Anchorage Digital, a professional-grade cryptocurrency platform, announced earlier this week the layoff of 20% of its workforce due to regulatory ambiguity in the U.S. Ripple has already spent over $100 million on legal fees in its ongoing battle with the SEC over XRP sales, which regulators consider unregulated securities.

Consequently, Ripple CEO Brad Garlinghouse has publicly suggested that the blockchain payment titan might relocate its headquarters to a more crypto-friendly nation if the SEC prevails in the current lawsuit.

With SEC chair Gary Gensler on record stating that all digital assets except Bitcoin are unregistered securities, Ripple may quietly be preparing for a potential exit from the U.S. Furthermore, XRP is traded on various centralized exchanges worldwide and utilized by numerous institutional investors for ODL services across different continents.

In the meantime, XRP’s price stands at around $0.378419 as of Friday, experiencing a roughly 4% increase within the last 24 hours.

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