Ripple has launched an initiative called Xpring (pronounced as spring) that will provide investments and grants to entrepreneurs using the XRP token and the XRP ledger.
“Ripple formed Xpring because it recognizes the vast, still untapped potential of the ledger and the asset for uses cases beyond the company’s focus: removing friction from global payments,” Ripple says on its website.
Ripple announced on its blog May 14 that the project is aimed at making innovations accessible to entrepreneurs, which could help them achieve the best result in “Trade finance, gaming and virtual goods, provenance, real estate, insurance, digital media and many more industries.”
A former director of the Facebook Developer Network, Ethan Beard, is reported to serve as Senior Vice President to lead both Xpring and Ripple’s developer program.
“…XRP – with it’s speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around,” Beard said.
Xpring partners operate as separate entities of Ripple, a link to spring official website has also been created on Ripple’s main website.
It has also be confirmed that Ripple will provide Xpring’s capital. In certain cases, Xpring will take board seats or ownership stakes in the companies they support.
Last week, financial institutions that took part in a pilot of Ripple’s xRapid platform reported both improved transaction speeds and savings of 40-70 percent.
In April, Ripple Foundation’s chief market strategist Corey Johnson said that XRP is not a security. Johnson wanted to allay speculation that XRP had not been added to cryptocurrency exchange Coinbase due to questions over its status.
At the beginning of May, Ripple was named in a class action lawsuit by an investor of XRP who has alleged that XRP sales were indeed unregistered securities sales.
Banks across the globe have been understudying the underlining tech behind Ripple and are looking at possible ways to tap into the technology.