(BlockBar) Ripple will invest more than $500 million to expand the use of XRP
According to Ethan Beard, a senior executive at Xpring, in less than 12 months, Ripple has committed more than $500 million in order to improve the Ripple ecosystem and to create the use cases of XRP.
According to public information, Xpring is a venture capital fund owned by Ripple Company. It was formally established in May last year, mainly to provide financial support for the company developing products and projects of Ripple currency. Before joining Xprint, Ethan Beard was the head of Facebook’s network developers. He said that, over the next few months, Xpring will invest in open source protocols, development projects and build large partnerships related to XRP to develop more “actual use cases of XRP.”
It is noted that in 2019, when the prices of BTC, ETH, LTC and other mainstream currencies have been rising, XRP has not made a substantial breakthrough. Under the bull market, XRP is only with an increase of only 11.75% in the past six months. A rare surge in XRP occurred on June 18. On that day, Ripple announced the establishment of a partnership with the international remittance company Express Remittance Fund to promote the use of XRP for international remittances. Influenced by the news, XRP showed a fast rise immediately, rising 5.18% in an hour, with the highest price amounting to $0.46, which has set a new high record since June.
Brad Garlinghouse, Ripple’s chief executive, said: “This strategic partnership will greatly improve its business and millions of people around the world will benefit from its increased efficiency. This is a huge milestone in helping to transform cross-border payments, and I look forward to a long-term, and friendly strategic partnership between us.
It is also worth noticing that at the recent Fortune Brainstorming Financial Conference, Brad Garlinghouse also said that the launch of Facebook Encryption Project helped Ripple win many contracts. And it contributes to a record week for Ripple to sign up for cooperation. Since the news published, the price of XRP recently amounted to $0.4025, up 2.31% in 24 hours.
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