The recent tweet by KAVA LAB ’S mentioned that it has raised 1.2 Million Dollars of funding to Interledger Blockchain solutions. The funding was led by Lemniscap and Digital Asset Capital Management, along with other investors including Coil Technologies, 2020 Ventures, Arrington Capital, Hard Yaka, Robot Ventures, UniValues Associates etc while XPRING OF RIPPLES being one of them. KAVA LAB gave the news by tweeting –
We are pleased to announce that Kava Labs has raised $1.2 million in funding to continue the development of our Interledger solutions for blockchain technology. These solutions, we believe, are vital keys to the blockchain industry as a whole, as they solve the scaling, interoperability and liquidity challenges limiting blockchain technology today.
Ripples reportedly said giving a reason that KAVA’s are the one that brings value to the Internet and they are the one who will allow smooth and obstruction free flow of their crypto-money i.e. (XRP) using the Interledger feature.
The thing to mention is that Interledger is not something that is owned by a specific company, while it is an Open Source suite that helps to transfer money online through different ledgers or a financial account.
Ripple has come up with a really smart move to make a stronghold in the Crypto market by investing in a company that can support their cryptocurrency transactions efficiently. XRP (CryptoCurrency of Ripples) has become one of the major Crypto-currency in the market because unlike Bitcoin, it supports cheap and fast transactions worldwide while also providing a feature which allows the user to develop their own cryptographed currency for their personal transactions, via Crypto-net.
This support of Ripple to a growing company by being a major investor, is not only a smart move by them but it can also prove to be really beneficial for the KAVA’s team as after this huge support by many such big companies including Ripples, will be a boost for them to establish themselves in the Blockchain Industry.
The Senior Vice President of Ripples, Ethan Beard also praised the KAVA Labs in his words by saying –
The Kava team is dedicated to the vision of interoperability in payments and amongst blockchains. We are excited to partner with them as they build out the Internet of Value and enable seamless value transfer through Interledger.