Ripple Launches 'Xpring' Initiative to Invest in XRP-Focused Startups

Ripple has launched an initiative that aims to give entrepreneurs in the blockchain space a better start in business – as long as they boost its own ecosystem.

Announced Monday, Xpring (pronounced “spring”) will to invest in, acquire and provide grants to “serious” projects and companies run by “proven” entrepreneurs, a company release states.

The venture capital fund will only provide support to startups and projects that make use of the digital asset XRP and the open-source XRP Ledger – blockchain technology with which Ripple has built tools aimed at enterprise businesses.

The firm said, “as one of the few blockchain companies with traction for a non-speculative use case, we feel we’re uniquely positioned to support entrepreneurs in a meaningful way.”

The venture capital fund will only provide support to startups and projects that make use of the digital asset XRP and the open-source XRP Ledger – blockchain technology with which Ripple has built tools aimed at enterprise businesses.