Ripple recently announced about launching a new initiative which will aim on assisting those companies and projects that are using its token- XRP. This is an investment/ incubator initiative which is called Xpring.
The official press release stated that in the framework of the initiative companies and projects that are run by proven entrepreneurs will be provided with investments and grants. Depending on a project, they can also be incubated and acquired as long as they use the XRP ledger in their structure.
Senior vice president of the new development programme, who is also a Facebook ex-employee, Ethan Beard said that he is enthusiastic about assisting start-ups in leveraging new technologies and developments for growth. “At Facebook, we saw companies in areas like gaming, music, and news that 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 start-ups and entrepreneurs to build businesses around”, Beard concluded.
According to the official statement released by Ripple, Xspring is already examining hundreds of projects which can potentially become beneficiaries of the project. The names of several already approved projects were also announced. The list includes projects such as:
SP Projects. It aims at allowing artists of several disciplines to receive profit from their work through XRP.
Coil, which was created by the ex-CTO of Ripple and will use XRP to facilitate micro-payments.
Omni, which is an XRP-powered rental and storage company as well as a Blockchain Capital and a venture capital firm.
This is not the first such initiation by blockchain technology based company to establish investment arms. Blockchain companies such as OKEx and Trade.io already have showed such practices launching similar projects.