All the major coins in the cryptocurrency market, including XRP, are navigating a bear market. However, XRP’s parent company Ripple is making up for its performance in the cryptosphere after it invested in Kava Labs, a company that provides Interledger solutions for blockchains, wallets and exchanges.
Kava talked about the investment they received, led by Lemniscap and Digital Asset Capital Management, along with Ripple, Coil Technologies, 2020 ventures, Arrington Capital, Hard Yaka, Robot Ventures, UniValues Associates and other private investors. The announcement was made on Kava’s Twitter handle,
“We are pleased to announce that Kava Labs has raised $1.2 million in funding to continue the development of our Interledger solutions for blockchain technology. These solutions, we believe, are vital keys to the blockchain industry as a whole, as they solve the scaling, interoperability and liquidity challenges limiting blockchain technology today.”
Kava provided more details about the investment and its uses on a Medium blog. The Senior Vice President of Xpring, Ethan Beard, praised Kava Labs for the work they do. He said,
“The Kava team is dedicated to the vision of interoperability in payments and amongst blockchains. We are excited to partner with them as they build out the Internet of Value and enable seamless value transfer through Interledger.”
This new development comes in light of Ripple being accused of having “paid” their way to get XRP listed on Coinbase Pro. Several prominent proponents from the community bashed people for making such claims. Ripple’s Head of XRP market, Miguel Vias, stated that the decision to list the token was Coinbase’s independent decision. Vias said,
“We’re happy to go on the record. Coinbase’s listing of XRP (also, not “our token”) was Coinbase’s independent decision – we did not give them anything to make it happen.”
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