Ripple (XRP), an international remittance focused cryptocurrency recently announced the launch of an initiative Xpring especially designed to provide innovators and entrepreneurs the financial backing they have been looking for to develop solutions for blockchain and cryptocurrency platforms. As per the report, Xpring will serve as a funding hub for blockchain enthusiasts by providing grants to them.
The announcement was made at the fourth annual blockchain technology summit, Consensus 2018. More than 250 speakers addressed various issues related to blockchain technology at the summit held from 14th May to 16th May at the New York Hilton Midtown. Interestingly, all the announcements made at the summit attended by around 4000 people were encouraging for the blockchain community. Among those attending the summit were start-ups in the industry, academic-policy makers, financial establishments, investors and even major tech enterprises.
The topic of discussion was mostly focused on the different aspects of blockchain technology and how it is benefitting the industries in their respective fields.
Ripple Well-Equipped To Perform As Incubator
Xpring will invest, incubate, acquire, and campaign for the selected entrepreneurs who will be utilizing XRP and XRP ledger for building innovative products aimed at solving problems of the customers. XRP ledger is a decentralized, open-sourced ledger of Ripple. The real-time gross settlement system company said that they were approached by many entrepreneurs for technical support as the company has a clear understanding of XRP ledger. Ripple added that being one of the few blockchain companies that have adopted traction to a non-speculative function, it is in a better position to perform the role of an incubator.
Xpring Can Prove As A Boon To Blockchain Enthusiasts
Cryptocurrencies have already created a revolution in the tech world as apart from the startups and entrepreneurs even the traditional institutions are slowly accepting the virtual currency in their regular trading. However, blockchain enthusiasts have been discouraged due to lack of adequate funding options in the field and left alone to find their own alternatives for raising capital or to launch their Initial Coin Offering (ICO). Xpring venture is expected to ease this gap and will serve as the “Spring” for the dull crypto-funding ecosystem.
According to reports, the venture fund will have a newly-created team to conduct the funding and incubation formalities and will be headed by Senior Vice President of Ripple, Ethan Beard.