Ripple said its Xpring initiative has committed $500 million to support more than 20 companies as the San Francisco-based company seek to expand uses for XRP cryptocurrency.
Ripple was born as a blockchain project with a mission. The purpose was (and it’s still is) to use blockchain technology and cryptocurrencies (especially Ripple’s XRP) to settle international payments in a cheaper, faster, more reliable way than the current standard. The current standard is called SWIFT, and it’s still using technology from the ’70s. Ripple’s purpose is to change that.
In May 2018, Ripple brought forward an initiative called Xpring (pronounced spring). It’s the company’s initiative to create a business incubator for new Ripple projects. It supports independent developers to create and deploy new technologies on Ripple’s blockchain. That allows for innovative projects to create new infrastructures and new ways to make blockchain technology useful and achieve mainstream adoption.
The Ripple Net is comprised of more than 200 of the world’s most influential financial institutions (traditional banks and fintechs). And a new one joins every week on average. It also supports research at universities all around the world so that blockchain technology helps the world in terms of philanthropy and commercial utility.
Ripple has a good reputation, power, and that enables it to promote research and to secure strategic partnerships when it comes to blockchain technology and Ripple’s XRP cryptocurrency.
Ethan Beard serves as Ripple’s senior vice president. He’s building a developer’s platform by offering resources (tools, libraries, and developing services) so that everybody can realize that,
“blockchain’s potential to transform industries through new business models.”
Mr. Beard joined the Ripple team last year. The point was for him to help the launch of xPring, which is something he knows how to do very well. He used to be on Facebook, as the company’s director developer. He oversaw developing relationships, operations, and product marketing for Facebook’s API.
Ripple is hunting high and low to find the correct projects to back up.
In the blockchain industry, as in any other one, investors get confused. They can’t tell the difference between a “science project” and a business project. That doesn’t happen in Ripple, because Xpring is there.
In Mr. Beard’s own words,
“We’re eager to back scientists and science projects.”
That speaks about Ripple’s vision for the future. But Ripple remains a practical project which aims to solve practical problems. Namely, the issue of international transfers. And it’s doing it very well.
Pay attention to the projects supported by xPring. They could make all the difference in the cryptocurrency market.
As we write this, XRP is trading at USD 0.3159. It remains the third-largest cryptocurrency by market capitalizations even when it’s lost 3.36% against Bitcoin in the last 24 hours.
Ripple’s XRP was the best performing currency in 2017 and 2018. Which means it was the best when times were worse and also when times were best. XRP is a coin for all seasons, which is why you should hold some. Just keep an eye out for rXRP, and you won’t regret it. It has a use case that most cryptocurrencies lack. And it’s delivering.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.