Ripple, a prominent cryptocurrency payments company, has made a strategic investment in beoble, a Hong Kong-based social platform and messaging service powered by Web3 technology. The aim of this investment is to support beoble in launching its services on the XRP Ledger (XRPL), a decentralized blockchain platform.
beoble expressed its gratitude towards RippleX, the research and development arm of Ripple, for its support in a recent announcement. RippleX is dedicated to empowering XRPL developers by providing the necessary infrastructure and support to foster growth and innovation on the XRP Ledger.
The exact amount of Ripple’s investment remains undisclosed, but beoble has promised to share more details about the deal in the near future. This news comes shortly after RippleX announced the recipients of the prestigious XRPL Grants, with seven projects receiving a total funding of $700,000.
beoble plans to utilize the funding from Ripple to expand its services on XRPL, in addition to its current support for networks like Binance Smart Chain, Ethereum, and Polygon. The company also has plans to integrate support for Solana in the future.
beoble, often referred to as the “Whatsapp for Web3,” provides a secure messaging platform for users of crypto wallets. Since its beta launch in December 2023, the company has experienced significant growth, boasting 354,000 total users and 600,000 total monthly wallet engagements as of February.
In February, beoble concluded its seed funding round, securing $7 million from investors such as Samsung, Hashkey, Cypher Capital, DWF Ventures, and Blockchain Founder Fund. With this funding, beoble aims to release the V2 of its messaging platform, which will include features like B2B connections, social trading within the app, and OTC trading.
Furthermore, beoble launched its native token, BBL, on February 28. The token, which can be used for various in-app activities, has seen a significant increase in value, reaching $0.0518 at the time of writing, a 19.26% increase in the last 24 hours. This demonstrates the growing confidence in beoble’s platform and its potential to revolutionize Web3 communication.
With Ripple’s investment and its integration with the XRP Ledger, beoble is well-positioned to expand its services and explore new markets. This partnership is expected to drive the adoption of Web3 solutions and further integrate blockchain technologies into everyday life and social media platforms.
In addition to Ripple’s investment, Animoca Brands has also made a strategic investment in beoble, highlighting the platform’s potential as a leading Web3 social platform. By leveraging blockchain technology, beoble aims to enhance user engagement, privacy, and security.