The developer ecosystem project of Ripple, Xpring and Bain Capital Ventures, have invested in the VC Robot Ventures venture capital blockchain company, the fund’s director, Robert Leshner, wrote in an article published on the blog on April 10.
Leshner, who also founded Compound, the open source financial protocol based on Ethereum, has already completed two investments within its new venture capital initiative.
Investing in a cryptoning company
Focusing on fintech and the disruptors of the product strategy, Robot Ventures invested in the cryptoning company Coinmine and Point, a startup that develops new debit card solutions. As Leshner told Cointelegraph, both investments were completed in the first quarter of 2019.
Leshner declined to disclose additional information about the financial details of the investment of Ripple Xpring and Bain Capital.
Leshner introduced the Compound protocol in January 2018, which is an algorithmic tool for establishing interest rates in money markets. Backed by Andreessen Horowitz and Coinbase Ventures, Compound aims to allow users and decentralized applications (DApps) to earn interest on Ethereum (ETH) and tokens, as well as borrow ETH and tokens to invest, use or sell short.
Xpring is an initiative of Ripple to create a community of developers, entrepreneurs and companies dedicated to blockchain technology. Recently, Ripple Xpring established a USD 100 million fund for game developers along with the Forte blockchain platform.
Bain Capital Ventures is a leading US venture capital firm with around USD 3,600 million of assets under its management. Having supported companies such as LinkedIn and Jet.com, Bain Capital participated in a round of funding of USD 133 million from the stablecoin project, Basis, which had been carried out previously in 2019.