Xpring: Ripple’s Initiative for Building its XRP Cryptocurrency and Blockchain Ecosystem
Ripple (XRP), which is a real-time gross settlement system and currency exchange network is known for its extensive use in cross-border payments. Ripple Inc., the largest holder of XRP announced back in 2018, the launch of Xpring, and a blockchain and cryptocurrency project incubator. The company is looking to build a larger scheme around the coin and over the last few years, the idea has seemed to crystallize.
Xpring has already invested in over 10 small to medium-sized businesses across the world since its inception, a year back. It mostly focuses on improving computer communication and exchange of information between blockchain platforms and Decentralized finance (DeFi) space. An example is Xpring financing a Netherland’s developer – Weitse Wind.
Speaking on the incubation of Weitse Wind, Ethan Beard, the Senior VP at Ripple Inc. praised the company’s partnership with Ripple promising a brighter future for the development process of the company. Beard is currently building tools on Ripple (XRP) and played a significant role in developing the XRP TipBot, a multi-platform that monitors social media posts on Twitter.
Among his key escapades is XRP Labs working towards achieving a decentralized exchange for its consumers. He further says that Xpring is aiming to improve the connection between blockchains by the expansion of its Interledger protocol.
We’re aggressively building out our tools to build on Interledger. You’re going to continue to see us invest in great startups and build out the team that works with startups.
– Ethan Beard, SVP Ripple