The company also provided details of the newly assembled team that will work towards a successful launch of xPring. Xpring will invest in promising new XRP-focused projects, functioning as a hybrid accelerator/incubator project that will engage "serious" concepts and companies being developed by "proven" entrepreneurs.
The Ripple team announced the new initiative in a press release published on May 14th, stating that the Xpring project is created to ensure that interesting entrepreneurs "have the key essentials to grow their businesses and prosper".
As a major contributor to the XRP Ledger codebase and large holder of XRP, we often hear from entrepreneurs and developers that they'd like support in one form or another to help them with their XRP-related projects.
XRP are flawless for entrepreneurs that are looking to solve problems across identity, trade finance, gaming, virtual goods, real estate, and more.
In a move to offer support for the initiative, Ethan Beard was hired as a Senior VP to leading Xpring and Ripple's developer program. Beard worked at Facebook as a network developer from 2009 to 2012.
At present, XRP is being tested by a handful of financial institutions, but Ripple wants to turn that handful into a movement with the launch of Xpring. Ripple will sponsor, incubate, acquire and provide grants to companies that use their digital asset XRP and XRP Ledger. While Ripple will continue to market its enterprise and banking products, it considers the superior speed, stability, and scalability of XRP and XRP ledger as a ideal solution for existing problems in trade finance, identity, gaming and virtual goods, real estate, insurance, provenance, digital media, and many other industries.
The list of entrepreneurs which will utilize XRP is already extensive.
Ripple Chief Market Strategist Cory Johnson discusses how his company is using XRP technology to help startups. "Blockchain and digital assets have the ability to solve important problems and XRP - with it's speed, scalability and demonstrated real-world use case - is a great tool for startups and entrepreneurs to build businesses around".
Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams.
In other Ripple news on Monday, the company revealed that Mitsubishi, Standard Chartered and Thailand's Bank of Ayudhya (Krungsri) - a subsidiary of MUFG Bank - are to pilot payments between Singapore and Thailand with Ripple's xCurrent blockchain product.
Serial entrepreneur and Omni CEO and Co-founder Thomas McLeod, who will soon be integrating XRP as a currency into Omni's marketplace.
Miltenburg said that a number of businesses and entrepreneurs have been approaching the San-Francisco-based startup for using the XRP tokens "for years", however, things did not materialize as the company was initially more focused towards developing its financial services.