International remittance focused cryptocurrency Ripple has launched a new initiative designed to provide entrepreneurs and innovators with financial backing in order to develop solutions based on Ripple technology. The new Xpring project will encourage developers and entrepreneurs to contribute to the Ripple ecosystem and create services for XRP, which is currently the third-highest ranked cryptocurrency.
Ripple is currently experiencing a significant amount of success as it is trialed by several international banking platforms but hasn’t demonstrated a wide range of use cases outside of remittance between large-scale traditional financial institutions. Xpring will invest in promising new XRP-focused projects, functioning as a hybrid accelerator/incubator project that will engage “serious” concepts and companies being developed by “proven” entrepreneurs.
Excited to announce Xpring, a new initiative that supports businesses growing on the XRP Ledger, and initial investments in @SB_Projects, @blockchaincap, @Coil_ and @omni. Together, we will grow the #InternetofValue! https://t.co/Vx7cBrnz3D
— Ripple (@Ripple) May 14, 2018
The Ripple team announced the new initiative in a press release published on May 14th, stating that the Xpring project is designed to ensure that interesting entrepreneurs “have the key essentials to grow their businesses and prosper.” The newly-created Xpring venture capital fund will provide startups that make use of XRP with support to promote the use of the open-sourced, decentralized technology behind XRP
Xpring Initiative Launches Dedicated Team
The Xpring venture fund will be supported by a newly-created team driven by Senior Vice President Ethan Beard. The new Senior VP highlighted the importance of expanding the use cases of the Ripple platform:
“I love helping startups leverage new technologies and developments to grow. At Facebook, we saw companies in areas like gaming, music, and news use our platform to become big businesses. 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 already invested in a number of promising projects as part of their incubator projects, such as Coil, which aims to use XRP and the Interledger Protocol (ILP) for various micropayments applications. Ripple has also extended support to Omni, who will be integrating XRP into the Omni marketplace.
Notably, the venture capital fund is also supporting Scooter Braun of SB Projects, who commented on the potential applications of the Ripple solution:
“Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams. This creates more space for artistic freedom, and I’m excited our team is among the first in the entertainment industry to lean into the blockchain movement. This is only the beginning as we will continue to build out more use cases for XRP. ”
Cover Photo by Sherman Yang on Unsplash