Xpring announced the development in an Oct. 11 blog post, noting that BRD – a mobile cryptocurrency wallet, with a reported user base of 2.5 million – will build on the Xpring platform to support and integrate XRP.
Ripple’s investment arm Xpring has invested into cryptocurrency wallet BRD to enable users to hold, purchase, sell and spend XRP tokens through the wallet.
Large user base and geography
By selecting BRD, Xpring ostensibly focused on the wallet’s large user base and territorial coverage of 170 countries, as well as the company’s healthy growth in key metrics such as transaction volume. The post further suggests that this could result in new kinds of decentralized financial (DeFi) services, including banking, lending and peer-to-peer transactions that require no intermediaries.
This June, BRD partnered with blockchain payments and infrastructure firm Wyre to allow its United States-based customers to purchase cryptocurrencies using bank transfers. The new service is reportedly supported by over 1,700 U.S. banks, and ostensibly allows for purchases to register within five minutes.
Taking proactive investment approach
Xpring has made an array of notable investments in recent months, including a partnership with major cryptocurrency payment processor BitPay to let businesses accept XRP for payments via BitPay’s cross-border payments platform. As part of the cooperation, BitPay is also integrating its BitPay Wallet with Xpring’s developer platform.
In late September, Xpring onboarded Logos Network, a distributed ledger-based payment platform that focuses on speed and scalability. Logos will be exploring a DeFi system that is set to leverage XRP at its core.
In August, Xpring announced a 1 billion XRP (roughly $265 million) grant to web monetization platform Coil. The latter is reportedly supposed to utilize the funds to build an ecosystem of creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard.
Ripple’s Xpring Gives $265 Million in XRP to Content Platform Coil
Ripple’s infrastructure development and XRP adoption initiative Xpring announced a 1 billion XRP (roughly $265 million) grant to web monetization platform Coil on Aug. 15. Coil will reportedly use the funds to build an ecosystem of creators, developers, companies and nonprofits that use XRP through the Web Monetization open standard.
Giving creators control over distribution and monetization
Coil is a platform that provides an alternative method for creators to monetize their content on the internet. Users can post public and exclusive content on the platform, which is automatically enabled for streaming payments. Alternatively, creators can monetize their own websites by adding a simple tag. Coil CEO Stefan Thomas commented:
“Creators want more choice and control over how their content is monetized and distributed … Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe.”
Neck bone connected to the head bone
As subscribing fans enjoy content, Coil uses an open API called Web Monetization to stream micropayments to creators in real time.
Web Monetization is built on the Interledger Protocol, co-created by Coil CEO Stefan Thomas. Thomas is also the former CTO of Ripple. Ripple’s Xpring also participated in Coil’s $4 million seed round. Ethan Beard, Senior Vice President of Xpring, said:
“Advertising and site-by-site subscription models are ready for disruption … The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators.”
If Peter Brandt is correct, then Coil should start putting that XRP to work straight away. The veteran trader believes that the currency could fall another 20%, accusing issuer and largest holder, Ripple, of manipulating XRP’s price.
Ripple is also allegedly bracing to feel the wrath of the Securities and Exchange Commission. The company is currently being taken to court by an investor, who claims it sold unregistered securities.