In under 12 months, according to Ethan Beard, an executive at Xpring, an initiative created to improve the Ripple ecosystem and create use cases around XRP, Ripple has committed more than $500 million.
In the upcoming months, Beard stated that Xpring will invest in various open source protocols, developer projects, and large scale partnerships related to XRP to develop more “real use cases for XRP”.
Is the breakthrough XRP needed near?
Throughout the past several months, despite positive developments and deals especially in the Asia crypto market, the price of XRP, the native crypto asset on Ripple’s blockchain network, has been stagnant in comparison to other crypto assets like bitcoin.
Speaking to publications at Fortune’s Brainstorm Finance conference in New York, Ripple CEO Brad Garlinghouse said that the launch of Libra catalyzed contract activity, creating a record week for Ripple in regard to contract signings.
Last month, the Libra Association, a Switzerland-based consortium founded by major conglomerates in the likes of Facebook, Mastercard, and Visa created a crypto asset called Libra backed by real-world assets.