Ripple’s Initiative Xpring To Invest $500 Million in 20 Businesses To Boost XRP Adoption
The one-year-old initiative of Ripple, Xpring, has done quite a bit in their brief existence. Now, they have revealed that they have invested in over 20 companies a cumulative sum of over $500 million.
In a medium post, the SVP of Xpring, Ethan Beard sums the objectives of his project.
“Our efforts have expanded to focus on two areas: build that best crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects; and help innovative blockchain projects grow through partnership and investment.”
The goal at Xpring was to make it easier for developers to build around real world use cases for XRP. In the pursuit of that, the Xpring is building a robust developer platform by offering resources such as tools, libraries, and services for developers on the XRP Ledger and Interledger protocols. They are even trying to add to their full stack team including engineering, product, marketing and developer relations.
The post goes on to say that Xpring will focus on three key areas, namely, XRP Ledger, Interoperability, and Decentralized Finance.
However, it doesn’t look like there is any return on investment in the near future for the company. Ripple is not expecting any too. Although they are building the infrastructure to support Ripple.
Coil, the San Francisco-based startup founded by former Ripple CTO Stefan Thomas, just opened the public beta on its blogging platform designed to help writers earn XRP. The new Coil.com blogging platform is working with the digital wallet provider Stronghold for dollar cash-out options in addition to XRP. Initially, the goal is to allow free access with tipping and payment options for bonus content.
Ripple had come under the public eye earlier when Facebook had announced about their crypto project Libra. Libra was supposed to disrupt Ripple when it comes to being an instrument of global remittance service. Although Garlinghouse, their CEO thinks that Facebook will add to their success, not undermine it.
Some of the past investments and influences of Xpring:
- Agoric Blockchain Smart Contract Project
- Forte Gaming Startup
- New Bolt Cryptocurrency Privacy Project
- “Scout Fund”
- Wietse Wind’s XRPL Labs
- Space Enterprises