Xpring, Ripple’s incubator and investment division, has spent around USD five hundred million on XRP projects since its launch in May 2018, as per an official blog post on July 2.
It is to be noted that these funds have allegedly been disseminated to over twenty companies, including Forte, which is a blockchain-based gaming platform.
Ripple XRP and Interledger Protocols
Notably, the report states that Xpring investments are anticipated to produce use cases for Ripple’s XRP. They hope to accomplish this by making development uncomplicated, and mention they are propping up developers by making available libraries, tools, and services for developers on the XRP Ledger and Interledger protocols.
Furthermore, Xpring is purportedly taking a 2 way modus operandi to craft more use cases, all the way through infrastructure development and novel ventures. Moreover, they mentioned a contribution to the XRP Ledger and Interledger protocols, i.e. the native Ripple ledger and a protocol for blockchain interoperability, as instances of infrastructure development.
For a moment, the proclamation notes that Xpring is also focused on deFi. It also noted that Xpring will look to invest in cryptocurrency-based solutions for various facets of finance like derivatives and debt.
Ripple [XRP] Xspring and Binance
According to the previous reports of several crypto media outlets, Ethan Beard, ex-Facebook Developer Network director, was appointed as the Senior Vice President of Xpring and Ripple’s developer program. What’s more, it mentioned that Ripple would finance Xpring, even though Xpring would function independently under its own steam.
As reported by KoinPost earlier, Catherine Coley, a former Ripple executive was appointed as the CEO of BAM Trading Services, on July 2. Conspicuously, Coley served as Head of XRP Institutional Liquidity, following her joining Ripple in 2017. Predominantly, her most up to date arrangement before Binance US is Head of XRP Institutional Liquidity.