Ripple's Xpring invests $500M to build an XRP-focused ecosystem

Ripple’s ecosystem initiative Xpring has spent $500 million in more than 20 firms in the blockchain space, with the ultimate goal of building an XRP-focused ecosystem.

As per its blog, the investment funded different companies, ranging from independent developers to large-scale partnerships since its May 2018 launch.

“Our goal at Xpring is to make it easy for developers to build projects that create real use cases for XRP,” the blog stated.

The expansion efforts are reportedly focused on two key areas: building the crypto infrastructure and helping innovative blockchain startups grow through partnership and investment.

The blog revealed that Xpring is developing a developer platform, which will offer useful resources such as “tools, libraries and services for developers on the XRP Ledger and Interledger protocols.” In the future, it plans to continue concentrating on XRP Ledger, interoperability, and decentralized finance.

Content monetization platform Coil and gaming platform Forte are among its notable investments, as well as privacy-focused payment channel network Bolt Labs, U.S. securities projects Securitize, peer-to-peer lending marketplace Dharma, and XRP ledger app developer Wietse Wind’s XRPL Labs.

The report follows after Ripple has recently opened a new Brazilian office to move closer to its regional customer base that allows banks, payment providers, and corporates to use blockchain to carry out instant payments into-and-out of the country.