Ripple Invests Undisclosed Sum in Web3 Messaging Platform

Ripple invests an undisclosed amount in Hong Kong-based Web3 messaging and social platform beoble.

Leading crypto payments company Ripple has invested in beoble, a Hong Kong-based Web3 wallet-to-wallet messaging and social app. beoble disclosed this in a recent X post, emphasizing that the investment would help it seek ways to launch its service on the XRP Ledger (XRPL). 

“We want to show great appreciation to the RippleX for supporting our journey,” beoble said in a statement. 

beoble🤝@Ripple@beoble_official team is now officially backed by @Ripple🥳
With the new funding from @Ripple, beoble will seek ways to debut on @XRPLF🔥
We want to show great appreciation to the @RippleXDev for supporting our journey🫡

Stay tuned for more exciting updates!🔥 pic.twitter.com/dQzqRFMl4d

— beoble (@beoble_official) May 29, 2024

At the time of writing, the company did not disclose the amount of funds Ripple provided. Nonetheless, it promised to share more exciting updates about the deal. 

Notably, Ripple provided the funds through its research and development arm, RippleX. RippleX is responsible for empowering XRPL developers with the necessary infrastructure and support to foster growth and innovation on the XRP Ledger.

New Recipients of XRPL Grants 

The development comes barely a week after RippleX disclosed the latest beneficiaries of the prestigious XRPL Grants, with seven projects emerging out of a total of 132 projects. 

– Advertisement –

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

beoble’s Services and Offerings 

For context, beoble is a Hong Kong-based web3 messaging and social platform that allows crypto wallet owners to message each other. The company, which plans to be the Whatsapp for Web3, launched the beta version of its app in December 2023. 

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

With the funding, beoble aims to launch the V2 of its messaging platform with new and advanced features like business-to-business integrations, in-app social trading, OTC trading functionalities, and more.

beoble’s supported networks include Binance Smart Chain, Ethereum, and Polygon. The company is making plans to support more blockchains, like Solana and XRPL. According to beoble, it plans to utilize the new funds from Ripple to roll out its services on XRPL. 

Meanwhile, as of February, beoble boasts a solid user base, with a monthly user base of 354,000 and 600,000 monthly active wallets. The company launched its native token, BBL, on February 28. At press time, the token, which can be used for all in-app activities, was trading at $0.0518, up 19.26% over the past 24 hours.