Ripple backs Tenity’s DeFi push with fund partnership

Ripple joins Tenity’s Incubation Fund II, boosting support for DeFi innovation on the XRP Ledger and strengthening backing for early-stage fintech startups.

Editorial Team
December 2, 2024
2 minutes

Tagged under:
BankingTech
Blockchain

Swiss fintech incubator Tenity has strengthened its focus on decentralised finance (DeFi) with Ripple joining its Incubation Fund II as a strategic partner and limited partner. The move formalises an 18-month collaboration between the two organisations, aimed at fostering innovation on Ripple’s XRP Ledger (XRPL).

Ripple’s involvement adds weight to a fund already backed by UBS, SIX Group, Julius Baer, and Generali’s House of InsurTech Switzerland.

The fund invests in pre-seed and seed-stage fintech and insurtech startups through accelerator programmes in Zurich, Singapore, and Tallinn, aiming to support the next wave of blockchain-based financial solutions.

Building on the XRP Ledger

The XRPL has been a cornerstone for startups supported by the fund, thanks to its speed, scalability, and energy efficiency. Key features, such as a decentralised exchange (DEX) and tokenisation support, have enabled projects spanning global payments and real-world asset tokenisation.

Andreas Iten, CEO and co-founder of Tenity, highlighted the fund’s role in shaping the future of finance: “We believe decentralized finance is reshaping the future of financial services by offering more accessible, efficient, and innovative solutions. By empowering startups to drive this transformation, we aim to accelerate the development of technologies that can solve real-world challenges and redefine the way financial systems operate globally.”

Ripple’s role in the ecosystem

Since April 2023, Tenity and Ripple have supported 29 startups, selected from over 200 applications, through accelerator programmes focused on DeFi, payments, and asset tokenisation. Ripple’s new role as a strategic partner underscores its dedication to advancing blockchain innovation and scaling impactful solutions on the XRPL.

With a growing portfolio of startups, Tenity’s fund delivers both strategic insights and financial returns for its backers. The partnership with Ripple enhances its capacity to accelerate meaningful innovation in the DeFi space, creating opportunities for early-stage companies to redefine financial services globally.

Ripple’s entry into the fund signals a broader alignment between established blockchain players and fintech investors, setting the stage for further advancements in decentralised finance.