- Xpring has invested in over 20 blockchain companies to build a tech platform that could pave the way for thousands.
- Ripple doesn’t expect huge financial returns, aims to take its XRP tokens outside the financial world through investments.
Xpring, Ripple’s ecosystem initiative has chalked up quite a lot in just one year of its launch. With a vision of building out an ecosystem focused around the cryptocurrency XPR, Xpring has invested $500 million in over 20 blockchain companies. Though XRP is popularly used for cross-border payments, the SVP of Xpring, Ethan Beard says it can be used for other transactions as well. One of his blog posts read, “Our goal at Xpring is to make it easy for developers to build projects that create real use cases for XRP.”
Xpring invested $100 million in a gaming startup called Forte to help it design and develop games that use XRP. The company has also invested around $20 million in Coil – a micropayments service which happens to be run by the former CEO of Ripple. These are just some of the many investments made by the company.
Despite expending half a billion dollars, Ripple doesn’t expect to see huge direct financial returns. However, its investment in Coil regarding XRP-based monetization services has led to Imgur, an online image sharing community to take XRP tokens outside the financial world. In May, Beard told Decrypt:
“We’re really investing to build out a tech platform that could allow hundreds of thousands to build on the technology very easily.”
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