Ripple (XRP) which is based in San Francisco is embarking on a new project known as Xpring with the aim of offering financial backing to firms which develop services and products for its digital currency which is currently the third biggest in the world in terms of market capitalization.
At the moment tests are being carried out on the virtual currency by financial institutions mainly as a way of sending payments and not much else. But with Xpring Ripple?s goal is to change that by investing, incubating, acquiring and offering grants to firms which make use of the XRP Ledger and the digital asset XRP.
Though Ripple will keep assisting financial firms in eliminating friction with regards to global payments, both XRP Ledger and XRP can be used in other sectors. This includes digital media, insurance, real estate, provenance, virtual goods, gaming, trade finance and identity.
Developers and entrepreneurs
According to Ripple Xpring has come about due to the fact that the firm kept getting requests for assistance from developers and entrepreneurs who were working on XRP-related projects. To ensure the success of Xpring several key executives have been hired. This includes Ethan Beard who will lead Xpring as well as the developer program of Ripple.
Prior to his new position Beard held a couple of advisory roles at various tech firms. Between 2009 and 2012 he was Facebook Developer Network?s director where he was in charge of overseeing product marketing for Facebook API, operations and worldwide developer relations.
So far support from Xpring has already been offered to a couple of entrepreneurs and developers. One of the recipients of this assistance has been Scooter Braun, entrepreneur, entertainment talent manager and SB Projects? founder. Braun is using XRP with a view to improving the ability of artists to manage and monetize their content.
?Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams ? This is only the beginning as we will continue to build out more use cases for XRP,” Braun said.
At the moment there are hundreds of other projects which are being vetted.
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