Ripple invests undisclosed amount in Web3 messaging platform

Crypto payments company Ripple has invested an undisclosed amount in Hong Kong-based Web3 messaging and social platform Beoble. Beoble revealed the news in a recent X article, emphasizing that the investment will help them find ways to launch services on the XRP Ledger (XRPL).

“We would like to express our sincere gratitude to RippleX for their support,” beoble said in a statement.

As of this writing, the company has not disclosed the amount of funding provided by Ripple. However, they promised to share more exciting updates about the deal.

It is worth noting that Ripple is providing these funds through its research and development arm, RippleX. RippleX is responsible for providing the necessary infrastructure and support to XRPL developers to facilitate growth and innovation on the XRP Ledger.

New projects funded by XRPL

The development comes just a week after RippleX unveiled the latest beneficiaries of its prestigious XRPL grant, with seven projects out of a total of 132 surfacing.

The list includes Bitbob, Breezeway, Kodelab, Moai Finance, Propto, Tender Merchant, and VWBL. Ripple provided a total of $700,000 in funding, with seven projects receiving $100,000 each.

beoble's services and products

To provide context, beoble is a Hong Kong-based Web3 messaging and social platform that allows crypto wallet owners to message each other. The company plans to become the Whatsapp of Web3 and launched a beta version of its app in December 2023.

In mid-February, beoble completed its seed funding round, raising $7 million from notable investors including Samsung, Hashkey, Cypher Capital, DWF Ventures, and Blockchain Founders Fund.

With the funding, Beoble plans to launch V2 of its messaging platform and add new advanced features such as business-to-business integration, in-app social trading, over-the-counter trading capabilities, etc.

Networks supported by beoble include Binance Smart Chain, Ethereum, and Polygon. The company plans to support more blockchains such as Solana and XRPL. According to Beoble, they plan to use Ripple’s new funding to launch their services on XRPL.

Meanwhile, beoble has a solid user base with 354,000 monthly users and 600,000 monthly active wallets as of February. The company launched its native token, BBL, on February 28. Currently, the token can be used for all activities within the app and is priced at $0.0518, with a 24-hour increase of 19.26%.

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