The current total market capitalization of Ripple is $28.7 billion, according to CoinMarketCap. Yet the digital currency is barely used beyond a few pilot customer deployments that the company announced. Nevertheless, that might change very soon after the company announced a new initiative called Xpring – it is designed to bring businesses over to Ripple (XRP), both the smart ledger and the digital currency, to create an ecosystem.
The project will utilize a mixture of grants, incubation, and investment to lure firms and expand the utilization of XRP while giving Ripple space to focus on its financial services business.
XRP is the world’s third-largest cryptocurrency behind only bitcoin and Ethereum, the platform that most developers dived for.
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.
Ripple says it doesn’t control or own XRP — it’s a hotly debated issue since it owns over 60 percent of all tokens — but it has a vested interest in seeing it succeed. Even in the short space of six months the need for variety has been clear.
The value of XRP shot up in December and January during a crypto surge with a collective value that worth more than $128 billion at peak before market brought those prices back in January. Ripple has come under fire for a perceived lack of use for XRP, which has been marketed as a tool for banks but has attracted only cross-border payment services as customers. But all these look set to change in the upcoming few months.