Ripple incubator and investment arm Xpring has spent $ 500 million on XRP projects since its launch in May 2018, according to an official blog post dated July 2.
Those funds have reportedly been distributed to over 20 companies, including the blockchain-based gaming platform Forte.
In general, the report states that Xpring investments are designed to create use cases for Ripple’s XRP tokens. They hope to do this by making development easier and they say they will assist developers by providing “Tools, Libraries, and Services for Developers on the XRP Ledger and Interledger Protocols”.
Additionally, Xpring is reportedly taking a two-pronged approach to creating more use cases through infrastructure development and innovative projects. As examples of infrastructure development, they cited a contribution to the XRP Ledger and Interledger protocols, i.e. the native Ripple Ledger and a protocol for blockchain interoperability.
The announcement briefly notes that Xpring will also focus on decentralized finance and invest in crypto-based solutions for financial aspects such as debt and derivatives.
As Cointelegraph previously reported, former director of the Facebook Developer Network, Ethan Beard, has been named senior vice president of the Xpring and Ripple developer program. It was also suggested that Ripple would fund Xpring, although Xpring would operate independently from Ripple.
On July 2nd, former Ripple manager Catherine Coley was hired as CEO of BAM Trading Services, the operator of Binance US – a new, US-exclusive Binance subsidiary. Coley previously worked as a liquidity management expert at Ripple from 2017 to 2019, most recently as Head of XRP Institutional Liquidity.