In other news, Standard Chartered, Mitsubishi Corp and Bank of Ayudhya (Krungsri) - a Thailand-based subsidiary of MUFG Bank - announced yesterday a pilot test for payments between Singapore and Thailand using Ripple's xCurrent solution.
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 a 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". A few of these problems as stated were problems across identity, gaming, and virtual goods, real estate, digital media, insurance, and others.
In order to offer the best support, we need a great team. Key among the new additions is Ethan Beard, formerly Director of the Facebook Developer Network who will act as senior vice president for both Ripple and Xpring's developer program. Beard worked at Facebook as a network developer from 2009 to 2012.
The aggregated results from several pilots of xRapid indicate that financial institutions facilitating payments on the corridor along the USA and Mexico recorded 40-70% savings compared to what they normally pay foreign exchange brokers. Ripple will sponsor, incubate, acquire and provide grants to companies that use their digital asset XRP and XRP Ledger.
"I love helping startups leverage new technologies and developments to grow".
Stefan Thomas, inventor of the Interledger Protocol (ILP), creator of BitcoinJS, and co-founder of TxtBear, who recently launched Coil - a new project that will use XRP and the ILP for various micropayments applications.
Therefore, if there are any budding entrepreneurs reading this who are willing to use XRP products and do not know where to start, Xpring is for you 100%. In April, they invested $25 Million in XRP to Blockchain Capital's $150 Million VC Fund. Blockchain Capital now runs over $350 Million in asset including investments in companies like Coinbase, Circle, and Kraken.
Ripple is putting in so much effort to expand the use of its digital currency (XRP) it developed into new segments and verticals beyond the banking and payment space where the firm is focused. Ripple also mentioned that the Xpring team is "already vetting hundreds of awesome projects", suggesting that this initiative is based on forming a new force in the blockchain market.