Ripple launched an initiative that is supposed to offer blockchain entrepreneurs a better start in the business. In exchange, they will boost its ecosystem.
Xpring will invest in, acquire and provide grants to significant projects and companies that are run by proven entrepreneurs, according to Ripple’s official release notes.
“Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way,” the official announcement says.
“As a major contributor to the XRP Ledger codebase and large holder of XRP, we often hear from entrepreneurs and developers that they’d like support in one form or another to help them with their XRP-related projects. As one of the few blockchain companies with traction for a non-speculative use case, we feel we’re uniquely positioned to support entrepreneurs in a meaningful way,” Ripple stated.
Ethan Beard comes aboard
Ethan Beard was appointed as a Senior Vice President to lead Xpring and Ripple’s developer program.
“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,” said Ethan Beard.
“Blockchain and digital assets have the ability to solve important problems and XRP – with its speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around,” he continued.
Teaming up with Mitsubishi
Besides this important announcement Ripple also announced that Mitsubishi, Standard Chartered and the Bank of Ayudha from Thailand would pilot payments between Singapore and Thailand with Ripple’s xCurrent blockchain product.
The main target of this project is to prove the commercial viability of xCurrent for high-speed cross-border payments between independent banks.
Hirofumi Aihara, General Manager, Bank of Tokyo-Mitsubishi UFJ, who is also a member of MUFG said back then that, “We are very pleased to be working with Ripple (XRP) to provide new types of payments services