Ripple Launches New Investment and Incubation Line for Operations Using XRP: Xpring

Ripple announced a new investment initiative for companies using XRP tokens. The new venture was called "Xpring", pronounced "spring".

According to a press release, Xpring will "invest in businesses run by proven entrepreneurs, help with incubation and provide donation support."

A prerequisite for admission is that companies use XRP ledgers in their constructions. The XRP ledger is the blockchain behind the Ripple token. According to the official website: "XRP is a digital asset unique to XRP Ledger. Anyone with an encryption key and Internet connection can take, store and send XRP to others. XRP's creators have developed it as a bridge unit that will make it easier to trade through any other currency. "

During the past week, the company announced a successful test of money transfer from the United States to Mexico using the xRapid service. The money passed through ledger as part of the sending process.

A person named Ethan Beard was appointed senior vice president of the new development program. Beard worked on Facebook as a network developer from 2009 to 2012.

Beard said: "I love to support initiatives to take advantage of new technologies and developments. While we were working on Facebook, we saw that companies serving in areas such as games, music and news were using our platform to be big businesses. Blockchain and its digital assets have the potential to solve major problems, and XRP - a great tool for speed, scalability and proven use in the real world - to build businesses for beginners and entrepreneurs. "

According to Ripple, Xspring is already signing hundreds of projects. The company has named several already approved: SP Projects, which aim to enable artists from various disciplines to make use of their work through XRP, a Coil, XRP-based rental and storage company created by Ripple's former CTO who will use XRP to facilitate "micro payments" Omni and a venture capital firm, Blockchain Capital.

With Ripple following OKEx and Trade.io, the new trend of blockchain companies starting to build investment arms continues.