Cryptocurrencies gained more momentum in payments on Thursday as C1 Fund Inc. 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 It is well known in the payments space for its XRP ledger, a decentralized blockchain that aims to process payments quickly and cheaply. For settlement, Ripple relies on its stablecoin RLUSD. “Ripple’s technology and international reach fit directly into our strategy to support core infrastructure and institutional progress in blockchain finance,” Elliot Hahn, chief investment officer at C1 Fund Inc., said in a statement.
C1, based in Palo Alto, California, focuses on investments in companies involved in increasing the adoption of digital assets.
Ripple has made sure to keep processing cryptocurrency transactions low-cost for users. It created an XRP ledger in 2012 with the goal of fast settlement while processing up to 1,500 transactions per second, with fees on the order of fractions of a penny per transaction.
In related news, BIT Mining Ltd, a company that provides technology to process cryptocurrencies, said it will change its name to SOLAI Ltd. This change represents a shift in the company’s focus from investing in cryptocurrency mining to technology that includes artificial intelligence to process the blockchain, the company says.
“We see the next wave of innovation emerging as intelligent systems connect to decentralized infrastructure – enabling the exchange of information and value faster, more securely and more efficiently,” says Bo Yu, chairman of BIT Mining, in a statement.
