Ripple Xpring, Bain Capital Acquire Stake in Robot Ventures, a Blockchain VC Firm
Robot Ventures, a venture capital (VC) start up investing in preliminary stage blockchain related ventures, has received investment from Xpring, Ripple’s incubator program, and Bain Capital Ventures. The information was revealed by Robert Leshner, head of Robot Ventures through a blog post.
Leshner, who was also behind Compound, an Ethereum-based financial open-source protocol, has already finished making investing in two ventures under the recent venture capital strategy.
Robot Ventures, which primarily focuses on innovators in the fintech and product related strategies, has invested in Coinmine, a crypto mining firm and Point, a startup providing debit card solutions.
The funding of both ventures was completed in the first-quarter of 2019. Leshner, however, refrained from providing additional information regarding the amount invested by Xpring and Bain Capital.
Back in January 2018, Leshner unveiled the Compound protocol, which is an algorithmic product for fixing the rate of interest in money markets. The project Compound, aided by Andreessen Horowitz and Coinbase Ventures, intends to permit users and decentralized apps (DApps) to receive interest on Ethereum (ETH) and tokens, as well as lend Eth and tokens to spend, invest or short-sell.
Xpring was an outcome of Ripple’s idea to establish a community of coders, entities and entrepreneurs who are active participants in blockchain technology. Of late, Ripple Xpring has setup a $100 million game developer fund in addition to Forte, a blockchain platform.
In early 2019, Bain Capital Ventures, a well-known American VC firm with roughly $3.60 billion of assets under administration, has successfully participated in $133 million fund raising program and invested in Basis, a stable coin venture.