Ripple is looking to build up an ecosystem around its native digital asset through the launch an initiative called Xpring (pronounced Spring), which will invest in, incubate, acquire and provide grants to startups using XRP and the XRP Ledger.
According to Coinmarketcap.com, XRP has a total ‘coin market cap’ of $28.7 billion currently, yet it is barely used beyond a handful of pilot customer deployments that Ripple has announced.
In an announcement on the official website, Ripple explains Xpring as follows:
“Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs. Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way.”
The Xpring initiative marks an attempt by Ripple to expand its reach and focus beyond the banking and payments space which it has, so far, been focused on. The new venture is being helmed by Ethan Beard, a former director of the Facebook Developer Network, where he oversaw worldwide developer relations, operations and product marketing for the Facebook API.
Mr. Beard will be the Senior Vice President leading Xpring and Ripple’s developer program. Beard says
“Blockchain and digital assets have the ability to solve important problems and XRP – with it’s speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around,”
Ripple has focused its attentions on working to bring its technology to the financial services world but the company argues that XRP and the XRP Ledger make them perfect for a many other industries, such as identity, trade finance, gaming and virtual goods, provenance, real estate, insurance, and digital media.
Ripple (XRP), the coin is currently up 4.09% in 24 hours and trading at $0.74 currently.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
