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Xpring’s investment mandate is ambitious, to say the least.
Beard said he’s not been given any limit or minimum when it comes to investing XRP directly from Ripple’s own balance sheet.
“Our focus is on building a robust ecosystem around XRP,” Beard told CoinDesk. “We’re different from traditional investors in that we build infrastructure and tools that make it easier for developers to build with XRP, and then we support projects … around increasing the utilization of XRP.”
Now armed with a deep crypto treasury of its own, Coil itself is set to become a second focal point of XRP distribution.
CEO Thomas said Coil is running a “Booster” program that pays XRP grants to top content creators on its media platform. He declined to specify how many creators are involved with the program, although they collectively received $10,000 worth of crypto by May.
In the past, Ripple has advanced the use cases of its native currency XRP by integrating with firms. Over the first two quarters of 2019, the company released 1.6 billion XRP from escrow to develop projects on RippleNet.
The company still owns nearly 55 percent of the total supply of XRP, worth around $13.7 billion..
Blockchain payments startup Ripple is looking to make new investments and acquisitions, with a few deals reportedly underway, according to the company CEO.
This announcement comes in light of Ripple’s Q2 report, which detailed the company’s total sales of its native token XRP increasing by nearly 48 percent to $251 million. This growth was driven primarily by a strong uptick in institutional sales..