Ripple, the company behind the XRP token, has announced it will be launching a new initiative, called ‘Xpring’, in a bid to create a unique ecosystem amongst XRP-focused startups which it sees potentially benefitting from Ripple’s support and expertise, to create an ecosystem around the token.
Behind Bitcoin and Ethereum is XRP, the third largest cryptocurrency. Unlike its counterparts, XRP doesn’t have the same level of exposure due in part to its outward perception of being complicated.
What the company plans on doing with ‘Xpring’ is gather considerable attention, while supporting up and coming companies at the same time. The project plans on providing a dynamic incubator, while offering a mixture of investments, grants, and professional advice when it comes to blockchain technology and their business.
The project’s ultimate goal is to extend the influence and use of the XRP token, giving Ripple a stable platform from which to operate effectively as a financial services business. To accomplish this, Ripple has hired Ethan Beard, former director of Facebook’s developer network and ex-GIR at Greylock Partners, to lead the Xpring program.
Speaking to TechCrunch Ripple’s Senior Vice President stated:
“The goal is to support businesses that we believe would see benefit from building upon the XRP ledger… Support will come in a variety of ways: investment, incubation, and the potential of acquisition or grants. We’re focused on proven entrepreneurs who can use the ledger and XRP to really address their customers’ problems.”
Notably, the company will only support XRP-focused startups, presumably those that use its cryptocurrency and the open-source XRP ledger – the blockchain technology Ripple uses to create tools businesses can use.
Ripple’s XRP has endured to the same bull and bearish runs most other cryptocurrencies have been going through since reaching a new all-time high in mid-December. The same market trends saw Bitcoin jump to a record high of $19,200, before hitting a $6,800 low in March, and subsequently recovering.