Ripple Launches 'Xpring' Initiative to Invest in XRP-Focused Startups

Ripple has launched an initiative that aims to give entrepreneurs in the blockchain space a better start in business - as long as they boost its own ecosystem.

Announced Monday, Xpring will to invest in, acquire and provide grants to "Serious" projects and companies run by "Proven" entrepreneurs, a company release states.

The venture capital fund will only provide support to startups and projects that make use of the digital asset XRP and the open-source XRP Ledger - blockchain technology with which Ripple has built tools aimed at enterprise businesses.

The firm said, "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 has appointed Ethan Beard, ex-director of the Facebook Developer Network, as senior vice president to head up the Xpring startup incubator and Ripple's developer program.

"Blockchain and digital assets have the ability to solve important problems and XRP - with it's speed, scalability and demonstrated real-world use case - is a great tool for startups and entrepreneurs to build businesses around."

In other Ripple news on Monday, the company revealed that Mitsubishi, Standard Chartered and Thailand's Bank of Ayudhya - a subsidiary of MUFG Bank - are to pilot payments between Singapore and Thailand with Ripple's xCurrent blockchain product.

Ultimately, Ripple hopes to bring a financial advantage for firms using the product in what is a highly competitive sector.

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