In an effort to advance the growth and adoption of the XRP Ledger (XRPL), Ripple Labs Inc. has partnered with Frankfurt-based Tokentus Investment AG, an investment company specializing in the blockchain sector. As part of Ripple’s XRPL Accelerator Program, the German investment firm will support emerging start-ups by offering mentorship and guidance.
The XRPL Accelerator Program is a Ripple initiative targeting entrepreneurs, start-ups, and young enterprises eager to establish their operations on the XRP ledger. Tokentus, listed on the m:access trading segment of the Munich stock exchange, has come on board as a partner and mentor for the program.
This collaboration comes on the heels of Ripple’s commitment of 1 billion XRP to support developer resources, encompassing the XRPL Grants Program. This accelerator program is designed to expedite, educate, mentor, and expand projects cultivated by the XRPL community.
To be eligible for the XRPL’s Accelerator Program, founders must showcase an MVP (Minimum Viable Product) with the potential to meet significant market demand, a tech-focused founding team, and a product addressing a prominent market pain point.
Historically, Ripple launched the original XRPL Grants program in 2021, providing support to over 100 projects and allocating funding upwards of $13 million.
Commenting on the partnership, Oliver Michel, CEO of Tokentus Investment AG remarked, “The partnership with Ripple on the XRPL Accelerator Program presents the next step towards helping grow the XRPL ecosystem. We believe this technology has very high importance and value in the blockchain and crypto markets.”
Benedikt Schulz, Investment Manager at Tokentus, emphasized the strategic advantage, stating, “Having early and direct access to interesting targets together with strong co-investors is an absolute success factor for Tokentus as a venture capitalist for blockchain companies.”
Tokentus’ Ties With Ripple
For eligibility in the XRPL’s Accelerator Program, prospective projects are required to showcase a Minimum Viable Product (MVP), demonstrable market demand, a competent technical founding team, and a product that addresses significant market needs.
Tokentus, which primarily focuses on the blockchain market, facilitates investments in blockchain-related financial assets, equity, tokens, blockchain-centric venture capital funds, and SPVs. It has consistently demonstrated a keen interest in Ripple.
Earlier this year, Tokentus disclosed a $100,000 investment in the company through a Special Purpose Vehicle (SPV). Once Ripple goes public with its IPO, shares from the SPV will transition to Tokentus. This strategic move positions Tokentus advantageously for the anticipated IPO.
Tokentus’s increasing interest in Ripple isn’t confined to the company alone; they have shown similar enthusiasm for XRP and other Ripple-affiliated ventures. In mid-July, Tokentus augmented an investment, purchasing XRP coins worth 50,000 euros.
Schulz shed light on this decision, highlighting a recent favorable US court ruling on July 13, 2023, confirming that XRP is not classified as a security. Tokentus has also invested $50,000 in Polysign, an institutional custody provider with strong ties to Ripple.
At press time, XRP traded at $0.4823.
Featured image from The Merkle News, chart from TradingView.com