Bringing together the smartest entrepreneurs and effectively transforming their vision into reality is one of the toughest challenges in the world of tech, but it’s one that the team behind CrossCoin Ventures is well-versed in. Now they’re putting their collective, well-traveled weight behind the world of crypto.
The goal of their latest startup accelerator is to support bright, ambitious minds building exciting tools and services on the Ripple protocol. “There’s been great receptivity,” said partner Adam Marsh, an MIT and UC Berkeley grad who has co-founded countless fintech startups including Clean Power Finance and Coactive Networks.
“If you have an idea that has something to do with turning some game currency into dollars, an idea that has to do with helping people easily and cheaply send money from one country to another, an idea that has to do with making Bitcoin easier to use, we’re interested.”
“All of those are perfect to do with using the Ripple protocol,” said Marsh, who added that the team chose Ripple because of its power to help bring the fragmented world of cryptocurrencies together. Rather than compete with the likes of Bitcoin or Dogecoin, Ripple is complementary, he says. “We’re happy to entertain people with Bitcoin kinds of ideas.”
Developing new products and services in a space many still consider the Wild West can be a challenge especially when dealing with the world of finance where issues like security and regulations can make or break even the most enterprising entrepreneurs. “So being able to co-locate with Ripple Labs is really, really important,” Marsh said. “You can’t get that by going to any other accelerator.”
For Marsh, the crypto-scene has never been more exciting as our idea of what’s possible continues to evolve. “I think what’s interesting is that all of the first versions were all forms of alternative currencies,” he said. “Now we’re seeing these next-gen efforts like Colored Coin, Ethereum, and Ripple which are utilizing the technology on the back of what is actually a payment network.
“The alt-currency is cool, but it’s the payment network that is more interesting and more likely to change people’s lives for the better.” Marsh said. “That’s the aspect we’re really excited about. One of the reason’s we went with Ripple is because it was first and is already up and running and has the backing of major investors.”
And the broader need for innovation is crystal clear, he says. “If you’re building an Internet business in the U.S., everything is fine,” Marsh said. “If you try to extend your business outside the U.S., then you start paying very high fees.”
“It’s very easy to talk on the phone internationally. It’s very easy to email a friend in another country. But it’s impossible to send money overseas. There’s an opportunity to disrupt that.”