The Ripple Company, the creators of the XRP crypto-currency which happens to be the third largest crypto-currency behind only pace setters Bit-coin and Ethereum, has announced a new initiative dubbed “Xpring” pronounced as “Spring” that will provide financial support to entrepreneurs who develop products and services for XRP. This new undertaking will entail a plan to lure companies in through grants, investments and incubation set-ups in order to broaden and popularize the use of XRP and XRP ledger.
Ripple enjoys a market cap of more than 29 billion right now and is mostly only being used by certain banks. The launch of Xpring is expected to change that though, as Ripple eyes companies that could see the need for building upon the XRP ledger. In their statement, Ripple indicated that they had received previous inquiries from entrepreneurs on XRP-related projects, which to them was an indication that XRP’S adoption had the potential to blow up.
Former director of Facebook’s developer network Ethan Beard has been recruited by Ripple as a senior vice president who will oversee Ripple and Xpring’s developer programs. Beard has an impressive resume of overseeing worldwide developer relations, operations, and product marketing for the Facebook API and also served as a director of social media and new business development at Google.
In their announcement, Ripple revealed projects they had already financed such as the 25 million in XRP to Block-chain capital’s 150 million VC fund. This project is set to breed success stories with companies like Block-chain capital managing 350 million worth of assets today. Another potential success story is Omni, which Ripple recently invested in, who are also on the verge of integrating XRP as their currency.
“Xpring” is a project unveiled by Ripple in a bid to boost the adoption and utilization of XRP currency. This initiative will seek to boost XRP’S adoption through luring companies by offering grants, investments and incubation opportunities to companies who develop products and services for XRP, in order to popularize the use of XRP. This move will not only boost the use of XRP but also help these individual firms in their bid to satisfy their customers.