Ripple Pledges $500 Million to ‘Create Real Use Cases for XRP’
Crypto firm Ripple has revealed that they are planning to set aside $500 million with the aim to use it make their XRP currency more accessible in day-to-day life by implementing new use cases.
Last year, Ripple launched Xpring as a way to ignite the adoption of their projects. Xpring is an initiative set up with a specific goal in mind to improve Ripple’s overall ecosystem and XRP use cases. While exactly what these use cases will have not been specified, speculation is that the funds likely to go towards the furthering of set-ups already existing with payment services, such as MoneyGram and Coil, who they have previous form investing into.
Ethan Beard is a Senior Vice President at Ripple and the person in charge of leading Xpring. In a recent blog, Beard explained just how much Xpring has grown and how they plan on going about accomplishing their goal of spreading XRP to the masses.
“Xpring has quickly grown and to date, we have committed $500M in support of over 20 companies, ranging from independent developer projects to larger-scale partnerships. Our efforts have expanded to focus has been on two areas: build the best crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects; and help innovative blockchain projects grow through partnership and investment.”
His vast amount of experience and connections should go a long way in making Ripple one of the most widely used payment systems in the world. Beard explained that Xpring will aide developers build everything needed to spread XRP to billions of people.
“Our goal at Xpring is to make it easy for developers to build projects that create real use cases for XRP. The Xpring team is building a robust developer platform by offering resources such as tools, libraries, and services for developers on the XRP Ledger and Interledger protocols.”