Ripple Announces Xpring, Its New Investment Ecosystem
Ripple, the third largest cryptocurrency, announced in an interview with Cheddar today that it’s building a new investment ecosystem called Xpring. In its accompanying blog announcement, Ripple highlights that it plans to fund, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs building with the digital asset XRP and the XRP Ledger.
At #Consensus2018 @Ripple announced it's new Xpring initiative, which aims to help supercharge entrepreneurs building products and services with $XRP technology. #CheddarLIVE pic.twitter.com/gIe1zo2e5o
— Cheddar🧀 (@cheddar) May 14, 2018
Ripple is already vetting hundreds of project and is currently open to proposals submitted through the new Xpring website. As highlighted in the announcement, Ripple is already offering support to a few top-flight entrepreneurs:
- Scooter Braun, entertainment talent manager, entrepreneur and founder of SB Projects, who is pursuing several endeavors that will use XRP to improve artists’ ability to monetize and manage their content.
- Stefan Thomas, inventor of the Interledger Protocol (ILP), creator of BitcoinJS, co-founder of TxtBear, who just launched a new venture Coil to use XRP and the Interledger Protocol (ILP) for various micropayments applications, such as facilitating “bite-sized” purchases of media.
- Thomas McLeod, serial entrepreneur, co-founder and CEO of Omni, who will soon integrate XRP as a currency into Omni’s marketplace.
- Bart and Brad Stephens, co-founders of Blockchain Capital, who have the first fund to accept capital calls in digital assets with a focus on driving innovation in the blockchain sector.
This news comes just one month since Ripple announced plans to invest $25 million worth of its cryptocurrency into Blockchain Capital, a venture capital firm dedicated to blockchain technology. In the announcement, Ripple shared plans for funding “clever” entrepreneurs who can find additional uses for Ripple’s blockchain technology. “We want smart people and smart entrepreneurs, who can solve a problem using XRP,” Cory Johnson, chief market strategist at Ripple, told CNBC in an interview. “There’s money sitting there to be used.”
“When I got my iPhone I did not think the killer app would be Uber, the most valuable private company in the world, or a competitor to Kodak with Instagram. I don’t know what the best use of XRP is going to be, and I hope it’s something we can’t even think of.”