With the advancement in technology the competition among firms and organizations is increasing. The world of cryptocurrency is also no exception. There is a tough competition among various digital currencies not only in their values but the functions and facilities they are offering. Ripple is the company that is standing at 3rd rank with the value of $ 0.73 per coin of XRP and market cap of about $ 28.7 billion. XRP had touched an all time high value of $ 3.60 in January 2018. Since then, it has been struggling to retrieve its value. Earlier, Ripple seemed quite happy because a lot of banks, financial institutions, and remittance firms were using it as a platform for cross border money transfers.
Due to decreasing value of XRP, the company has now announced the launch of a new product ‘Xpring’. The main purpose behind this launch is to expand the use of XRP among the clients that are already using Ripple’s platform for global money transfers. Here, it is worth mentioning that more than 100 banks, financial companies, and remittance firms are already using Ripple’s platform. This platform facilitates the easy, fast, reliable, and cost effective global money transfers. Due to its scalability and reliability more and more companies are joining Ripple’s platform. ‘Xpring’ which is pronounced ‘spring’ will bring the entrepreneurs and businesses to use XRP for more benefits.
Ripple aims to build an ecosystem by using its own cryptocurrency XRP and smart ledger. The company wants to use a mix of investments, grants, and incubations to attract other companies to adopt Ripple’s blockchain. This will expand the use of XRP and surge the value of the token too. Here, one thing very interesting is that Ripple says that it does not own XRP but wants it to succeed. But, it is wondering that the company holds 60% of all the XRP tokens. The values of almost all the cryptocurrencies increased in the last week of December 2017 and touched all time high values in the first week of January 2018.
Now, the company has hired Ethan Beard to lead this new project ‘Xpring’. He is the person who was once behind Facebook’s developer network. Speaking about this launch Ripple’s SVP of business says that the main objective behind this launch is to support businesses to benefit more by using XRP currency. He further says that they will offer support to the companies in various ways. These include investment, grant, and incubation. He asserts that the company is focusing on proven entrepreneurs who will really benefit from using XRP currency to facilitate their customers.
Here, it is important to mention that a lot of businesses and entrepreneurs are approaching Ripple to partner with them for cross border money transfers. Earlier, the company did not focus on their interests because it wanted to concentrate on financial services. But now the company is going to change its strategy and wants to increase the value of XRP token. The next five to six months are critical in this regard. This is because the experts are already calling 2018 as Ripple’s year.