Ripple Launches ‘Xpring’ Initiative to Help Create an Ecosystem Around XRP

  • Ripple has launched a new initiative, called 'Xpring' to support new XRP-focused startups
  • “The goal is to support businesses that we believe would see benefit from building upon the XRP ledger,” said Eric van Miltenburg

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.”

Eric van Miltenburg

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.

Bitfinex Integrates Blockstream's Liquid Network for More Efficient Trading

Digital asset exchange Bitfinex has integrated Blockstream’s Liquid Network on its crypto trading platform. The Liquid Network is a cryptoasset settlement network which connects crypto exchanges and major institutions throughout the world, in order to facilitate quick and private bitcoin (BTC) transactions.

Liquid Network Facilitates “Rapid, Confidential, Secure” Transactions

As explained in a blog post, published on May 9, 2019, by Bitfinex’s management, the Liquid Network has been developed to meet the demands and requirements of cryptoasset traders. The settlement network aims to provide “rapid, confidential and secure” payment channels, which may be used to conduct Bitcoin transactions among different parties.

According to Bitfinex’s post, crypto traders will be able to “rapidly circulate Bitcoin and USDT” between different exchanges, in order to profit off of arbitrage and price fluctuations. This may potentially “inter-exchange spreads across major trading pairs,” Bitfinex’s blog explains.

In addition to creating tighter spreads, the integration of Blockstream’s Liquid Network will allow traders to “react to trading opportunities” a lot faster “due to significantly lowered settlement times,” Bitfinex noted. Moreover, Liquid Network integration will hide the “amounts and types” of cryptoassets being exchanged - which will “improve confidentiality” and reduce the chances of “front-running.”

Commenting on the benefits of adding the Liquid Network to Bitfinex’s trading platform, Paolo Ardoino, the Chief Technical Officer at Bitfinex, remarked:

Issuing Bitcoin, stablecoins, and various other digital assets under one blockchain platform makes a lot of sense. It reduces the integration burden for an exchange like ourselves, and traders can manage all their assets from a single wallet application. We’re excited to be active on the Liquid Network, and we’re looking forward to watching it develop.

Liquid Network May Be Used To “Tokenize Fiat Currencies”

As noted on Blockstream’s official website, the Liquid Network serves as a blockchain for cryptoaset “exchanges, brokers, and market makers.” As a settlement network, it includes a “Liquid’s Issued Assets feature,” which allows network participants to “tokenize fiat currencies, securities,” and digital assets.

According to Blockstream’s developers, digital assets on the Liquid Network are “traded within the same blockchain environment,” which is similar to the widely-used Bitcoin Core codebase. This helps to reduce the time required to perform integrations and it’s arguably a better option than using “multiple blockchains, clients, and APIs,” Blockstream’s development team states