Ripple, a leading company in the cryptocurrency payments industry, has made an undisclosed investment in beoble, a messaging and social app based in Hong Kong. The investment aims to support beoble in launching its service on the XRP Ledger (XRPL), as stated in a recent post by beoble. The specific amount of funds provided by Ripple has not been disclosed at this time, but beoble has promised to share more details about the deal in the future.
The investment was made through Ripple’s research and development arm, RippleX, which is responsible for providing infrastructure and support to XRPL developers to encourage growth and innovation on the platform. This news comes just a week after RippleX announced the latest recipients of the XRPL Grants, with seven projects selected out of a total of 132. The seven projects, including Bitbob, Breezeway, Kodelab, Moai Finance, Propto, Tender Merchant, and VWBL, each received $100,000 in funding from Ripple, amounting to a total of $700,000.
beoble is a web3 messaging and social platform based in Hong Kong that enables cryptocurrency wallet owners to communicate with each other. The company, which aims to be the “Whatsapp for Web3,” launched the beta version of its app in December 2023. In February, beoble successfully raised $7 million in a seed funding round from notable investors such as Samsung, Hashkey, Cypher Capital, DWF Ventures, and Blockchain Founders Fund.
With the funding, beoble plans to release version 2 of its messaging platform, which will include new features such as business-to-business integrations, in-app social trading, OTC trading functionalities, and more. The platform currently supports networks such as Binance Smart Chain, Ethereum, and Polygon, and has plans to expand its support to other blockchains like Solana and XRPL. The funds received from Ripple will be utilized to launch beoble’s services on XRPL.
As of February, beoble has already established a strong user base, with 354,000 monthly users and 600,000 monthly active wallets. The company also launched its native token, BBL, on February 28, which can be used for various in-app activities. At present, the token is trading at $0.0518, showing a 19.26% increase in value over the past 24 hours.
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