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Cryptocurrency picked up more momentum in payments Thursday as C1 Fund Inc. bought shares in Ripple Inc. C1, which focuses on digital assets and blockchain technology, did not announce the extent of the investment or other financial terms.
Ripple is well-known in payments for its XRP ledger, a decentralized blockchain aimed at processing payments fast and at low cost. For settlement, Ripple relies on its RLUSD stablecoin. “Ripple’s technology and international reach fit directly with our strategy to support core infrastructure and institutional progress in blockchain finance,” said Elliot Han, chief investment officer at C1 Fund Inc., in a statement.
C1, based in Palo Alto, Calif., concentrates on investments in companies involved in increasing adoption of digital assets.
Ripple has been keen to keep crypto transaction processing at a low cost to users. It created the XRP ledger in 2012 with a view toward fast settlement while processing as many as 1,500 transactions per second, with fees in fractions of a penny per transaction.
In related news, BIT Mining Ltd., a company that provides technology for cryptocurrency processing, said it is changing its name to SOLAI Ltd. The change represents a shift in focus at the company from investing in cryptocurrency mining to technology incorporating artificial intelligence for blockchain processing, the company says.
“We see the next wave of innovation emerging where intelligent systems connect with decentralized infrastructure — enabling faster, safer, and more efficient exchange of information and value,” says Bo Yu, chairman of BIT Mining, in a statement.
