Ripple Looks Toward Expanding XRP Beyond Payments and Financial Worldbr>
Ripple has created a new division that will seek to expand the use of XRP beyond its payment and finance focus.
While Ripple’s XRP is the third-largest cryptocurrency in market cap, its use has been largely confined to big institutions making cross-border payments. Now, with its Xpring program, the company wants to expand its reach, bringing new business sectors into the ecosystem through a series of investments, grants and incubation.
The move raises some questions, since Ripple has long maintained it doesn’t control or own XRP, even as it owns more than 60 percent of the tokens already created.
To facilitate the broadening of its purview, Ripple has hired Facebook’s former director of its developer network, Ethan Beard, to helm the move. The division won’t use ICO or token investments, nor host ICOs on its blockchain, to grow.
So far, the most prominent name to drink the Xpring Kool Aid is former Justin Bieber manager Scooter Braun, who is allegedly looking into XRP for several content projects under his purview.