Ripple is looking to build up an ecosystem around its native digital asset through the launch an initiative called Xpring, which will invest in, incubate, acquire and provide grants to startups using XRP and the XRP Ledger.
Xpring is Ripple's way of acting as a "proverbial spring" for what it deems the most serious of the thousands of entrepreneurs flooding into the blockchain and digital asset scene, tying promising startups to its ecosystem.
The new venture is being helmed by Ethan Beard, a former director of the Facebook Developer Network, where he oversaw worldwide developer relations, operations and product marketing for the Facebook API.
"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," says Beard.
Ripple has focused its attentions on working to bring its technology to the financial services world but the company argues that XRP and the XRP Ledger make them perfect for a many other industries, such as identity, trade finance, gaming and virtual goods, provenance, real estate, insurance, and digital media.
Xpring is already working with some high-profile partners, including Scooter Braun - the entertainment talent manager behind Justin Bieber and Ariana Grande - who is exploring the use of XRP to improve artists’ ability to monetise and manage their content.
"Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams," says Braun.