Reportedly, the said funds have been distributed to over 20 companies, including the blockchain-based gaming platform Forte. As per the report, Xpring’s investments are focussed at creating use cases for Ripple’s XRP token. To do so, they hope to make development easier and supporting developers by providing “tools, libraries and services for developers on the XRP Ledger and Interledger protocols.”
In addition, Xpring has taken a two-pronged approach for creating more use cases, through infrastructure development and innovative projects. The firm cited examples of infrastructure development, contributing to the XRP Ledger and Interledger protocols, i.e. the native Ripple ledger and a protocol for blockchain interoperability.
Xpring further notes in the announcement, that it is also looking into decentralized finance and may invest in crypto-based solutions for aspects of finance like debt and derivatives.
Ethan Beard, ex-Facebook Developer Network director was appointed as the Senior Vice President of Xpring and Ripple’s developer program. It was also noted at the time that Ripple would finance Xpring, although Xpring would operate independently from Ripple.