Ripple has launched Xpring, a new initiative that will provide investment and financial grants to entrepreneurs through the XRP token and ledger.
In a blog post, the company said: “In the world of blockchain and digital assets, there are hundreds, if not thousands, of interesting entrepreneurs flowing into the space. At Ripple, we want to act as a proverbial spring for the most serious ones – making sure they have the key essentials to grow their businesses and prosper.”
Xpring will allow Ripple to invest in, incubate, acquire and provide funding to projects headed by proven entrepreneurs using XRP and XRP Ledger in innovative ways. Ethan Beard, former director of the Facebook Developer Network, is being brough on as senior vice president.
“I love helping startups leverage new technologies and developments to grow. At Facebook, we saw companies in areas like gaming, music and news use our platform to become big businesses,” added Beard. “Blockchain and digital assets have the ability to solve important problems and XRP – with it’s speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around.”
Four new projects have already been taken on by Xpring – SB Projects, Coil, Omni, and Blockchain Capital.
Scooter Braun, founder of SB Projects, said: “Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams. This creates more space for artistic freedom, and I’m excited our team is among the first in the entertainment industry to lean into the blockchain movement.
“This is only the beginning as we will continue to build out more use cases for XRP.”