Ripple Launching Initiative to Help Support Entrepreneurs

Ripple Launching initiative to help support Entrepreneurs

Ripple announced a new project on their blog last May 14th. Called Xpring, the initiative aims to provide investments and grants to entrepreneurs using the XRP token and the XRP ledger.

Ethan Beard, former director of the Facebook Developer Network is to serve as Senior Vice President to lead both Xpring and Ripple’s developer program. Beard said in the blog post that

“XRP – with its speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around.”

Xpring partners will operate as separate entities of Ripple, although Ripple provides Xpring’s capital. In certain cases, Xpring representatives will take board seats or ownership stakes in the companies they support.

In news from last week, Ripple reported that tests of their xRapid Platform reported improved transaction speeds and savings of 40-70 percent. In April, Ripple Foundation’s chief market strategist Corey Johnson said that XRP is not a security. Johnson reportedly wanted to allay speculation that XRP had not been added to cryptocurrency exchange Coinbase due to questions over its status.

Meanwhile, at the beginning of May, Ripple was named in a class action lawsuit by an investor of XRP who has alleged that XRP sales were indeed unregistered securities sales.

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