Ripple is looking forward to helping startups and technology companies that want to find more uses for its XRP cryptocurrency, currently the third biggest digital token, in terms of market cap, according to a report from TechCrunch.
Ripple CEO Brad Garlinghouse revealed that the company is now focusing on allowing banks to use its software solutions, which consist in a mix of services, but it’s also planning to put money in companies that can find other alternative uses for the digital currency.
Open for new partnerships
“We, Ripple, will stay focused on solving that institutional use case, but we would certainly partner with companies that are looking to use XRP in lots of different ways,” said Garlinghouse back in January.
Currently, Omni, a San Francisco-based startup offering storage and rental services for goods, is one of the first ‘targets’ for this program. Ripple and two of its executives led an investment of over $25 million in January, so the startup will agree to use XRP withing its service.
Obviously, there is a lot of optimism after this and we should expect to see more companies following their examples, said Mr. Garlinghouse.
More companies, to follow Ripple’s example
What’s very interesting is that Ripple is not the only company who wants to expand its business in this way. More than 10 companies that managed to raise capital using initial coin offerings are planning investment vehicles that would put money into companies that want to use their product or platforms. For example, one month ago, a group of blockchain companies launched a $100 million grant fund, able to cover for-profit investing as well.
However, Ripple’s situation is a bit special. Using XRP for making micro-payments and marketplaces is a different value proposition, considering the idea at its core. Specifically, it’s a cryptocurrency aimed at banks or financial institutions.
Until now, the company took a lot of critics, being accused of failing to attract banks to XRP, while its public customer base consists in cross-border remittance services that are testing XRP as one currency withing their payment flows.