Ripple just announced the launch of the Xpring initiative, which will provide both investments and grants to entrepreneurs relying on the XRP token and XRP ledger.
The program will be conducted by Ethan Beard, former director for Facebook’s Developer network, as he was appointed as Senior Vice President to lead the Xpring, as well as Ripple’s developer program.
Startups and entrepreneurs, the main targets
“…XRP – with it’s speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around,” he said.
Xpring partners will operate as separate entities of Ripple, even though the coin is the one providing the capital. Nevertheless, Xpring will take board seats or ownership stakes in the company they will eventually support.
There’s a lot of enthusiasm around this project, as the folks behind Ripple believe that they’re uniquely positioned to support entrepreneurs in a very meaningful way, according to CoinDesk. Basically, the project will use, besides the investments and grants, incubation, in order to lure companies to expand the use of the XRP token, while the coin itself will focus on serving financial services business.
“The goal is to support businesses that we believe would see benefit from building upon the XRP ledger,” said Senior Vice President of business operations Eric van Miltenburg, in an interview.
“Support will come in a variety of ways: investment, incubation, and the potential of acquisition or grants. We’re focused on proven entrepreneurs who can use the ledger and XRP to really address their customers’ problems,” he added.
The fear of SEC regulation
Lately, there has been a lot of speculation regarding Ripple’s potential regulation, but they recently declared that they don’t control or own XRP. This comes in serious contrast with the fact that they own over 60 percent of the existing tokens.
Back in December, the value of a single XRP token skyrocketed, taking the collective value of XRP to a total of $128 billion at its peak. Still, the market eventually crashed in January, putting the coin under some serious fired for a perceived lack of use for XRP. And this happened despite making it clear that it is a tool for banks