Capital, Coinbase Ventures and Paradigm. Its latest funding involved an undisclosed amount from Cynegetic Investment last December.

Ripple Could Sell XRP to Non-US VCs

Projects on the network have also secured funding to expedite their development. Velez believes this is what the XRPL ecosystem lacks. According to him, Ripple’s holding of an enormous amount of XRP, totaling 45 billion tokens as of December 2023, translates to a lack of VC firms in the ecosystem.

Amid this absence of venture capital funding, the ecosystem has not witnessed a massive influx of projects sponsored to build on the XRP Ledger and promote its adoption. Velez suggested that Ripple sell its XRP holdings to VC firms not based in the United States to this effect.