Ripple’s incubation and investment arm, Xpring, has decided to amp up its investments in XRP based projects. The branch has revealed that they have invested $500 million in over 20 startups.
Ripple is being widely used by many small and medium enterprises and by many eminent financial institutions, banks and more. RippleNet has acquired immense popularity as a platform in the past year. It is helping many businesses grow their ecosystem and make it more efficient.
The startups that they have focused on primarily include those that are using the XRP platform and products to grow Ripple’s decentralized ecosystem.
A report by Finance Magnets states that the incubation arm has streamlined their focus on two aspects- the first is to use the open-source protocols like XRP Ledger and Interledger projects to build a crypto infrastructure, and second is to help its partners get the required exposure for their products through partnership and investment.
The company has stated the following:
“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.”
This is an exciting new development that will empower and encourage innovation in the field of technology. It will also solidify Ripple’s position further in the market.