Ripple announced a new investment initiative for companies using XRP tokens. The new venture was called “Xpring”, pronounced as “spring”.
It was explained that Xpring is going to “invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs.”
A prerequisite for admission is that companies use XRP ledgers in their constructions. The XRP ledger is the blockchain behind the Ripple token.
“XRP is a digital asset native to the XRP Ledger. Anyone with a cryptographic key and an internet connection can receive, hold, and send XRP to anyone else.”
Its creators designed it to be a “bridge currency” that enables various currency exchanges with one another.
Recently, the company announced a successful test for using the xRapid service for a money transfer from the United States to Mexico. The money passed through ledger as part of the sending process.
Ethan Beard was appointed as senior vice president of the new development program. It is known that he had worked at Facebook as a network developer between the years of 2009 to 2012.
According to Ripple, Xspring is already signing hundreds of projects.
Several ones that are already approved include; SP Projects, which aims to enable artists from various disciplines to make use of their work through XRP, Coil, created by Ripple’s former CTO who will use XRP to facilitate “micro payments”, Omni XRP-based rental and storage company and Blockchain Capital, a venture capital firm.
With Ripple following OKEx and Trade.io, the new trend of blockchain companies starting to build investment arms continues.