Ripple’s Incubation Arm Invests $500 Million in XRP-Based Projects
Xpring, the incubation and investment arm of Ripple, the distributed ledger technology (DLT) project in charge of the XRP altcoin, has hinted that it has invested $500 million in over 20 startups. Each of the small businesses is using Ripple’s platforms and products to grow the decentralized ecosystem, reports Finance Magnates’ report on July 4, 2019.
Xpring’s $500 Million Investment in Various Startups
Per the report, Xpring, an initiative by Ripple that invests in, incubates, and provides grants to projects and blockchain projects, had invested $500 million in over 20 startups since its launch in May 2018.
Ripple’s incubation and investment arm primarily focus on startups using the XRP platform and products to grow Ripple’s decentralized ecosystem. It seeks to build crypto infrastructure through the use of opensource protocols such as XRP Ledger and Interledger protocols.
According to Xpring, it aims to make it easy for developers to build projects that create real-life use cases for XRP, the third-largest crypto asset by market cap.
“The Xpring team is building a robust developer platform by offering resources such as tools, libraries, and services for developers on the XRP Ledger and Interledger protocols,” the investment company said.
Outside of backing startups, Xpring also helps companies to promote their products to the masses through partnership and investment. Interestingly, Xpring claims to have invested in companies whose products are not specially tailored for the Ripple community.
Some of these companies are Forte, a blockchain-based gaming platform, Securitize, a San Francisco-based IT service management company, Bolt Labs, an anonymous payment channels provider, and Wietse Wind’s XRPL Labs.
More Investments in the Future
In the near future, the company plans on supporting teams working on XRP Ledger, decentralized finance (DeFi), and interoperability.
The Xpring team says it has received great response from the developer community and is looking forward to partnering and investing in great teams in the crypto and blockchain space.
Ripple, on the other hand, has been contributing its bit towards mainstream adoption cryptos and blockchain technology. The San Francisco-based firm has joined forces with numerous banks and financial institutions in various jurisdictions in recent times.
Earlier in May 2019, BTCManager informed of the blockchain company’s partnership with Indian commercial bank IndusInd and Saudi Arabian British Bank (SABB) to facilitate payment remittances. On June 18, 2019, BTCManager reported that Ripple had inked a strategic partnership deal with MoneyGram to enable cross border payments with XRP.