Ripple Launches 'Xpring' Initiative to Invest in XRP-Focused Startups

Ripple has launched an initiative to provide financial assistance to "serious" startups and projects – as long as they boost its own ecosystem.

AccessTimeIconMay 15, 2018 at 4:00 p.m. UTC
Updated Sep 13, 2021 at 7:57 a.m. UTC

Ripple has launched an initiative that aims to give entrepreneurs in the blockchain space a better start in business – as long as they boost its own ecosystem.

Announced Monday, Xpring (pronounced "spring") will to invest in, acquire and provide grants to "serious" projects and companies run by "proven" entrepreneurs, a company release states.

The venture capital fund will only provide support to startups and projects that make use of the digital asset XRP and the open-source XRP Ledger – blockchain technology with which Ripple has built tools aimed at enterprise businesses.

The firm said, "as one of the few blockchain companies with traction for a non-speculative use case, we feel we’re uniquely positioned to support entrepreneurs in a meaningful way."

Ripple has appointed Ethan Beard, ex-director of the Facebook Developer Network, as senior vice president to head up the Xpring startup incubator and Ripple's developer program.

Beard commented in the release:

"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."

In other Ripple news on Monday, the company revealed that Mitsubishi, Standard Chartered and Thailand's Bank of Ayudhya (Krungsri) – a subsidiary of MUFG Bank – are to pilot payments between Singapore and Thailand with Ripple's xCurrent blockchain product.

The trial aims to demonstrate the commercial viability of using xCurrent for high-speed cross-border payments between independent banks, according to the firm's release. Ultimately, Ripple hopes to bring a financial advantage for firms using the product in what is a highly competitive sector.

Water drop image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
3
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin se estabiliza cerca de $21K; inversores esperan evitar otra caída el fin de semana

Los analistas se cuestionan si BTC podrá mantenerse por encima del umbral de $20.000 en un clima de desconfianza entre los inversores.

CoinDesk - Unknown