Ribbit Capital is a global investment organization with one single, relentless mission: to change the world of finance.
That’s the mantra of the $500 million venture capital firm. Those funds have been heavily invested in the hottest sector of finance, blockchain startups. What we don’t find on Ribbit’s list of investments is a tiny startup carrying the same name, Ribbit Rewards.
With a measly market capitalization of around $100,000, Ribbit Rewards is barely a blip on the blockchain radar, billing itself as “a universal loyalty solution based on blockchain technology.” This startup wants to put everything from frequent-flier miles to convenience store reward points on one single network, which they say would offer huge benefits to both merchants and consumers.
The sound a frog makes is common knowledge, so the name Ribbit alone means nothing. I only noticed the similarity when researching Ribbit Rewards on Google. The search engine suggested the word “capital” as I typed the word “ribbit”, so I curiously hit the enter key. A couple hours later I was convinced that the same minds were behind both projects.
The connections between Ribbit Capital and Ribbit Rewards are obvious, but undeclared. Care to enlighten us curious folks?
Silence. No response one way or the other from either of them. The question is, why would they not just acknowledge or deny the partnership? This is likely due to legal uncertainty in the blockchain industry. Ribbit Rewards tokens are freely tradable on the open market. The potential for criminal and civil litigation remains fresh on the minds of everyone in the industry. Ribbit Capital is playing it safe, preparing for the day when they can acknowledge the power of the name, but laying low until the legal framework becomes clear.
Ribbit Rewards was recently a finalists in a blockchain startup contest hosted by Banko Santander, which acquired Meyer Malka’s online brokerage for $700 million. The name, the logos, the business connections……..something is up here.