The US-based crypto service provider Ripple has announced plans to support Blockchain Founders Fund (BFF) in transforming blockchain technology globally. An official announcement from the Ripple management dated March 16 reveals that the company has formulated a strategic investment plan to expedite the mainstream adoption of blockchain.

The quest to actualize the proposed strategic plan has prompted the crypto firm to raise a substantial amount to support BFF’s operation. The BFF plans to utilize the funds of new startups and fast-growing blockchain and Web3 firms to develop innovative infrastructures that will address the existing gaps between traditional and decentralized economies.

Why is Ripple Interested in Blockchain Adoption?

The March 16 report stated that Ripple plans to attain an unmatched level of global blockchain adoption in the coming years. Following this, the attempt to attain the desirable widespread blockchain adoption inspired Ripple to support BFF financially.

Per the report, the funds allocated to BFF for expansion of blockchain technology will support crypto firms that demonstrate enormous growth rates to pursue core projects.

Elsewhere, the BFF team seeks to offer abiding support to key market players, including popular NFT developers. A statement from Ripple top executive Brooks Entwistle revealed that BFF would provide technical and financial support to best-performing NFT gaming companies such as LunarCrush, Magna, and Splinterlands, among other digital collectibles.

In his address, Entwistle believes that blockchain technologies exhibit endless opportunities to improve the performance of digital firms. He argued that the funds would enable the developers to tap into the existing benefits and new opportunities of blockchain technologies.

Significance of Ripple’s Strategic Investment

Responding to Entwistle remarks, a general partner Aly Madhavji at BFF, acknowledged Ripple’s support and pledged to utilize the funds to attract a larger audience to the crypto world. Madhavji stated that BFF plans to support more than 100 Web3 startups to develop groundbreaking blockchain technologies.

Undeniably, Ripple’s latest move aims to push blockchain technology adoption higher. This partnership has signaled a positive sign on Ripple native token (XRP) reading. As per data captured by CoinMarketCap, XRP is valued at $0.3699 after witnessing a 1.69% uptick within the last 24 hours. Beyond this, XRP prices have been hovering around $0.36 to $0.3709 in the last 24 hours.