Xpring, the incubation and investment arm of Ripple, on Tuesday, has announced that it invested $500 million in various XRP-related projects since its launch in May 2018.
To date, the company backed more than 20 startups, all of which are using Ripple’s platforms and products to grow the decentralized ecosystem.
“Our goal at Xpring is to make it easy for developers to build projects that create real use cases for XRP,” the announcement stated.
The investment company is primarily focusing on two aspects – first to build a crypto infrastructure using the open-source protocols like XRP Ledger and Interledger projects, and second to help its helps partners by exposing their products to the masses through partnership and investment.
“The Xpring team is building a robust developer platform by offering resources such as tools, libraries, and services for developers on the XRP Ledger and Interledger protocols,” the company added.
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Though only focusing on XRP-related startups, the incubator arm of the blockchain company has diversified its portfolio by backing firms in different sectors – from content monetization platform Coil to gaming platform Forte.
The company is also betting on tokenization of securities and invested on Securitize, a San Francisco-based startup which is helping firms to tokenize their securities and assets. This platform is also backed by US-based crypto exchange Coinbase.
Xpring also invested in Bolt Labs, Dharma, and Wietse Wind’s XRPL Labs.
“We have seen a great response from the developer community and we are growing rapidly to continue to partner with and invest in great teams in the cryptocurrency and blockchain space,” the announcement noted.
The company also detailed that, for its future investments, it will focus on companies working on XRP Ledger, interoperability, and decentralized finance.
Last month, Ripple invested $30 million on payment transfer company Moneygram to tighten its grip on the industry.