On July 2nd, Ripple
outlined the firm’s plans for future funding through its investments arm, Xpring. The company hopes to expand the use cases for its blockchain based token XRP by supporting developers and focusing on transforming the financial sector. It also revealed that $500 million has been invested to date.
Xpring was founded a year ago to create the Internet of Value (IoV). Akin to the Internet of Things (IoT), Ripple defines the IoV as the new way of exchanging assets from instantly transferring funds with cryptocurrency to trading intellectual property safely. The key characteristic of the IoV is the lack of a middleman, enabled by blockchain technology.
Ripple’s Ethan Beard, a co-founder of Xpring, wrote in Tuesday’s blog post: “Our efforts have expanded to focus on two areas: build the best crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects; and help innovative blockchain projects grow through partnership and investment.”
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