Ripple Launches Venture Capital Fund ‘Xpring’ to Bootstrap XRP Adoption
San Francisco-based Ripple, the creators of XRP cryptocurrency has announced a new project called “Xpring” (pronounced “spring”) to provide financial backing to companies that develop products and services for XRP, the third-largest cryptocurrency with a market cap of more than $29 billion today.
Currently, Ripple is being tested out, or used by multiple banks and not much beyond that. The company aims to change that with Xpring. Ripple will invest, incubate, acquire and provide grants to companies that make use of their digital asset XRP and XRP Ledger.
Ripple has already announced a few projects they’ve already funded. Just last month, they invested $25 Million in XRP to Blockchain Capital’s $150 Million VC Fund. Blockchain Capital now manages over $350 Million in assets including investments in companies like Coinbase, Circle and Kraken.
Since XRP tokens currently have limited (but growing) use-cases, the new initiative could bolster its already-large market cap.