Payments, Tokenization, Custody: Ripple Invests in Hong Kong-Based Web3 Messaging Platform and Expands into New Business Sector

• Ripple has invested in beoble, a Web3 messaging and social platform based in Hong Kong.

• beoble will use the funds to launch its services on the XRP Ledger and expand its platform.

Ripple, a leading crypto payments company, has made a strategic investment in beoble, a Hong Kong-based Web3 wallet-to-wallet messaging and social platform. This investment aims to assist beoble in launching its services on the XRP Ledger (XRPL).

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

beoble, which disclosed the investment through a recent X post, expressed gratitude towards RippleX, Ripple’s research and development arm, for supporting its journey. RippleX is dedicated to empowering XRPL developers by providing the necessary infrastructure and support to foster growth and innovation on the XRP Ledger.

Strategic Funding and Future Plans

The amount of Ripple’s investment remains undisclosed, but beoble has promised to share more updates about the deal in the near future. This development comes just a week after RippleX announced the latest beneficiaries of the prestigious XRPL Grants. Of the 132 projects, seven were granted a total funding of $700,000, each given $100,000. The list of executed projects consists of Bitbob, Breezeway, Kodelab, Moai Finance, Propto, Tender Merchant, and VWBL.

beoble plans to use the new funds from Ripple to roll out its services on XRPL, expanding its current support for networks like Binance Smart Chain, Ethereum, and Polygon. The company has also revealed plans to integrate support for Solana in the future.

beoble, which has been launched as the “Whatsapp for Web3,” enables crypto wallet users to chat securely. The company launched the beta version of the app in December 2023 and has witnessed tremendous growth since then. At the time of this writing, in February, Beoble stated that it had 354,000 total users and 600,000 total monthly wallet engagements.

In mid-February, beoble closed its seed funding round, in which it secured $7 million from investors like Samsung, Hashkey, Cypher Capital, DWF Ventures, and Blockchain Founder Fund. With this funding, beoble intends to release the V2 of its messaging platform, including enhancements such as B2B connections, social trading in the application, and OTC trading.

beoble’s Native Token and Market Performance

beoble also launched its native token, BBL, on February 28. The token, which can be used in all in-app activities, was valued at $0.0518 at the time of writing, up 19.26% in the last 24 hours. This strong performance speaks to the increasing belief in beoble’s platform and its ability to transform Web3 communication.

With Ripple’s investment and given that beoble operates on the XRP Ledger, it is strategically positioned to expand its services and tap into new markets. This partnership will likely enhance the usage of Web3 solutions and extend the usage of blockchain technologies in everyday life and social media platforms.

This news comes as Animoca Brands has recently made a strategic investment in the Web3 messaging and social platform called beoble. This move is a step towards realizing beoble’s vision of being a leading Web3 social platform as it seeks to leverage blockchain to improve user engagement, privacy, and security.