Share this article
Google Ventures invests in Bitcoin competitor OpenCoin
Google Ventures and China-based IDG Capital Partners place a bet on OpenCoin, the company behind Bitcoin exchange Ripple.
Updated Dec 10, 2022, 8:01 p.m. Published May 14, 2013, 6:38 p.m.
Make us preferred on Google
Google Ventures and China-based IDG Capital Partners are the second group of tech investors in two months to place a bet on OpenCoin, the company behind the currently-in-beta Ripple open-source payments protocol.
OpenCoin announced today that it had closed an additional round of funding
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
-- the amount wasn't specified -- with Google Ventures and IDG Capital Partners. (Hat tip to GigaOM for the news.)
Last month, OpenCoin wrapped up an earlier angel round of funding from another high-profile group of technology VCs: Andreessen Horowitz, FF Angel IV, Lightspeed Venture Partners, Vast Ventures and the Bitcoin Opportunity Fund.
Co-founded by Jed McCaleb, a veteran of the Mt. Gox bitcoin exchange, and Chris Larsen, who previously established E-LOAN, OpenCoin is developing ripple, an open-source payments platform being touted as a quick, easy and low-cost way to exchange currency of any kind anywhere in the world. Ripples are also the name for the digital form of money (abbreviation: XRP) that will be among the currencies tradable on the ripple platform.
(Note: OpenCoin is not the same as OpenCoin.org, a different organization developing an open-source electronic cash system.)
Although ripples are a digital currency like bitcoin, OpenCoin says its coin will complement bitcoin rather than compete with it. In its " Introduction to Ripple for Bitcoinershttps://ripple.com/wiki/Introduction_to_Ripple_for_Bitcoiners," the company states:
"Ripple will likely be the easiest way to buy and sell bitcoins. Ripple's built-in exchange will allow people to buy and sell bitcoins using any other currency on the ripple network."
Like bitcoins, ripples will also be limited in number. OpenCoin plans to ultimately create 100 billion, releasing half into circulation and keeping half to help ensure the currency's stability.
describes itself as "a radically different kind of venture-capital fund." Founded in 2009, it has invested in more than 100 companies so far and plans to invest over $1 billion over the next five years.
is a "China-focused investment firm with over $2.5 billion (US) capital under management."
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
