It’s finally happening. Ripple is making a push to expand the use of the XRP cryptocurrency into new verticals and segments beyond the payment and banking space where the company is focused.
XRP is the world’s third-largest cryptocurrency behind only bitcoin, the original breakout artist, and Ethereum, the platform that most developers plump for.
XRP has a total ‘coin market cap’ of $28.7 billion today, according to Coinmarketcap.com, and yet it is barely used beyond a handful of pilot customer deployments that Ripple has announced.
That might change soon, however, after Ripple announced a new initiative called Xpring — pronounced ‘Spring’ — which is aimed at bringing entrepreneurs and their businesses over to XRP, both the cryptocurrency and the smart ledger, to build an ecosystem. The project will use a mixture of investment, grants, and incubation to lure companies and expand the use of XRP whilst allowing Ripple to continue to focus on its financial services business.
You can bet that Xpring, while outside of Ripple’s core financial services focus, will be a very key focus for building a community and ultimately usage for XRP. The question is how the startup community will reach to a different kind of investment option.