Last year, Ripple launched Xpring as a way to ignite the adoption of their projects. Xpring is designed to provide support and capital to startups that intend to use the XRP ledger in their business model.
Over the past few months, Ripple’s Xpring initiative amped up their operations and poured half a billion dollars into the hands of startups and developers to support the use and proliferation of XRP.
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.”
Beard had previously managed such an initiative for the social media giant Facebook. 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.”
Imgur is one of the beneficiaries of Xpring’s adoption push. Imgur is planning to use a Ripple Powered technology called Coil to provide a micropayments system for content creators.
They revealed in June that they received $20 million in venture equity and Ripple’s support in implementing the project. Imgur already has more than 150 million users that could be introduced to crypto-based micropayments. And surely, Ripple is expecting this number to grow with their support.