Ripple is a real-time gross settlement System (RTGS), currency exchange and remittance network. The Ripple protocol (token represented as XRP)is meant to enable the near-instant and direct transfer of money between two parties.
On 14 May Ripple announced on their blog about their new initiative that is Xpring. This initiative by Ripple will help the entrepreneurs have a better space in the blockchain. Xpring will provide the entrepreneurs and businesses with investments and grants using the XRP token and the XRP ledger. They are also providing the much-needed support for the entrepreneurs who wish to make an entry in the blockchain.
Ripple 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.”
Mr. Ethan Beard, ex-director of the Facebook Developer Network from 2009 – 2012 and oversaw the worldwide developer relations, operations, and product marketing for the Facebook API. He is the perfect fit when we remember that xVia is also API based. Ripple has appointed Mr. Ethan Beard as the Senior Vice President to lead Xpring and Ripple’s developer program.
Ethan has also quoted, “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.”
Xpring has already begun by supporting few of the entrepreneurs like;
Scooter Braun, entertainment talent manager, entrepreneur, and founder of SB Projects, who is pursuing several endeavors that will use XRP to improve artists’ ability to monetize and manage their content.
Thomas McLeod, serial entrepreneur, co-founder, and CEO of Omni, who will soon integrate XRP as a currency into Omni’s marketplace.
Although Ripple provides the capital for Xpring, Xprings partners operate as separate entities of Ripple. Xpring, on certain cases, will take board seats or ownership stakes in the companies they support.
Improved transaction speeds and savings of 40-70 percent was reported in the last week’s financial institutions that took part in a pilot of Ripple’s xRapid platform.