The Ripple team is working hard on bringing blockchain technology to the financial industry. While its xRapid solution has already been pretty well-received, it now seems the company has come up with something else that companies will pay attention to. Known as Xpring, it is a project designed to invest in, incubate, provide grants to, and acquire other companies and projects. It’s a remarkable development, and one that has a lot of potential.
The Purpose of Xpring is Pretty Clear
It seems Ripple always had much bigger plans for the world of blockchain and cryptocurrency. Although its XRP asset is of great interest to a lot of speculators around the world, there are many more opportunities waiting to be explored. Harnessing the potential of new and existing companies, for example, is something Ripple aims to do moving forward.
As such, the company has announced Xpring, a new initiative designed to support and acquire companies and projects run by “proven entrepreneurs”. The purpose of this venture is to increase overall usage and adoption of the XRP asset. Every entrepreneur partaking in Xpring will use XRP as well as the XRP ledger to solve their customers’ problems. It is a rather ambitious goal, but one that could get a lot more people excited about this digital asset.
According to Ripple, there is growing demand on the part of entrepreneurs and developers for support from the company. This is especially true when building projects using XRP technology or the native asset. Documentation already exists for developers, but since they are directly supporting the Ripple company, a helping hand is more than welcome.
Ripple SVP Ethan Beard explained the purpose of Xpring as follows:
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 its speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around.
Even though this new venture was only announced this week, Xpring has made inroads already. Among the projects which have already received support is Omni, whose team is set to integrate XRP into its marketplace as a currency. SB Projects is another venture worth keeping an eye on, as it aims to utilize XRP to improve artists’ ability to monetize their content. There are a lot of use cases for XRP and Ripple technology outside of traditional finance, and people are genuinely exploring them as of right now.
It also appears the Xpring team has received over one hundred requests for support. This further confirms there is genuine interest on the part of developers in both XRP and Ripple’s Ledger. Whether or not this will lead to groundbreaking global use cases remains to be seen. It is certainly interesting to see developers and companies explore these options, as they will pave the way for global cryptocurrency and blockchain adoption in general.