Ripple’s new big boon for startups
The Ripple announced the launch of the Ripple coin fund Xpring(Xpring—to Boost and Stabilize Ripple) to establish the actual use case of the token(the ripple coin).
On 19th, May Golden Finance and Economy reported that encryption currency and chain block industry has developed greatly in recent years, overall speaking, it still exists the problem of insufficient funds overall. Many start-up companies in the industry have to choose Initial Coin Offering (ICO) to finance. As the world's third-largest cryptocurrency, Ripple is now worth $29 billion. Therefore, Ripple hopes to improve the situation by setting up the Ripple bitcoin investment fund "Xpring".
It is reported that the fund will invest, incubate, acquire, and campaign block chain projects, and will also provide financial support for blockchain and cryptocurrency start-ups. As a matter of fact, many other industries have not apply Ripple payment network except some banks or institutions using this blockchain network technology. Now, with the strategy of incubating startups and supporting financial, the Ripple can make more entrepreneurs understand the RCB's ledger more deeply.
The companies selected by Xpring will use the Ripple native token and XRP ledger to build innovative products, which helps them solve customer problems.
Ripple, on the other hand, has hired seasoned insiders to lead Xpring, such as Ethan Beard, senior vice President of operations and product marketing. Ethan Beard was the head of the Facebook developer network from 2009 to 2012. During the three-year period, Ethan Bierd was responsible for global developer relations, operations, and product marketing for the FacebookAPI. Before taking the job in Facebook, Ethan Bilder was the social media director and new business development director for Google.
The new Xpring is a boon for the blockchain startups, and it will further promote the scalability and practicality of the currency, Ethan Bierd said. It can offer a huge favor to financial institutions and eliminate the pain points of cross-border payments.
At present, the Venture Capital Fund(VC Fund) "Xpring" has supported several cryptocurrenies and blockchain projects, such as SB Project, with the purpose of improving the commercial potential for artists and Interledger Protocol(ILP), a micropayment application. In addition, they also have given support to blockchain capital co-founder Bart and Brad Stephens.