Ripple’s Xpring committed over $500 million worth of XRP in various companies, claims SVP Ethan Beard

It has been a tough 24 hours for XRP and Ripple. Over the last 24 hours, Ripple has suffered a massive devaluation for over 10 percent, taking its valuation to a a new low for 2019.

However, Xpring, Ripple’s XRP adoption initiative, recently revealed a collaboration with Coil and announced that Xpring had granted 1 billion XRP, estimated to be worth over $250 million, to Coil in order to monetize the content on Coil’s platform. Coil would be essentially using the funds in order to sustain an atmosphere for creators, developers, companies etc., facilitating XRP for content monetization on the Internet.

In a recent episode of The Ripple Drop, Reinhard Gate interviewed Ethan Beard and discussed the development of Xpring in the industry.

During the interview, Ethan Beard, Senior Vice President of Xpring, was asked about its achievements since the initiative’s inception.

Beard responded that Xpring had been pretty active over the past year and the company had invested in over 20 projects of the cryptospace.

Beard said,

“We have committed over $500 million in XRP to various companies throughout the ecosystem. One of the areas that I’m most excited about is that we’are really starting to layer in developer tools for inside of Xpring, and really looking to make Xpring into much more of a developer platform.”

Beard added that the platform was building APIs, STKs, technical libraries and services, suggesting that the initiative would be putting in significant effort to reach various developers around the world and also bring products to the global market.

At press time, XRP’s price was valued at $0.261, marking its new low for 2019. The market cap was recorded to be around $11.20 billion.