Ripple has announced the initiative, Xpring, that will provide grants, invest in, and incubate to small/large businesses which will be utilizing the XRP token and the XRP ledger, on their blog on May 14, 2018. In a worldwide competition for budding entrepreneurs, Ripple’s initiative aims at providing them with all the key essentials for growing.

A previous Director of the Facebook Developer Network, Ethan Beard, will fill in as Senior Vice President to lead both Xpring and Ripple’s developer program. Beard said that- “I love helping startups leverage new technologies and developments to grow. At Facebook, we saw companies in areas like gaming, music, and news uses our platform to become big businesses.” He added by saying that- “Blockchain and digital assets have the ability to solve important problems and XRP – with its speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around.”

Xpring has currently offered support to various companies like SB Projects. Scooter Braun who is the Entertainment Talent Manager, Founder of SB Projects said that- “Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams,”.Adding to which he said- “This creates more space for artistic freedom, and I’m excited our team is among the first in the entertainment industry to lean into the blockchain movement. This is only the beginning as we will continue to build out more use cases for XRP. ”

Xpring collaborators work as individual entities of Ripple, despite the fact that Ripple gives Xpring’s capital. In specific cases, Xpring may utilize a good part or proprietorship stakes in the organizations they support.