The suite of services includes an Xpring software development kit (SDK) that allows programmers to integrate XRP apps in multiple programming languages. It also includes a variety of new tools for working on both XRP and Ripple’s Interledger Protocol (ILP).
Ripple’s Xpring is launching a platform it says makes it possible for developers to integrate fiat and cryptocurrency payments into any application.
Xpring is targeting crypto and non-crypto developers alike with the platform, Xpring senior vice president Ethan Beard told CoinDesk.
“Xpring SDK allows you the developer to use the XRP ledger simply and in any programming language you want”, Beard said, adding:
“What takes a developer today a 100 lines of code to do a transaction on XRP ledger, using Xpring SDK cuts that down by 80 percent.”
Xpring has already been built on open-source protocols, but this platform would function like Amazon Web Services, Beard said. Developers could download the code and run it themselves, or now they can go to Xpring and plug into the service.
Beard envisions the platform being used to enable micropayments in industries like media and gaming.
“Ideally, we think the Xpring platform can work for any type of payment”, Beard said.
The platform is a new vertical for Xpring, which has been an investment arm for Ripple – building a network of companies and use-cases around XRP for little over a year. This initiative is aimed at investing in and growing a developer base around the cryptocurrency.
“While blockchain and cryptocurrency can be transformative for how payments work, what we’ve learned in the last year is that working with these new technologies is quite difficult as well”, Beard said. “That creates a barrier for developers to adopt these technologies.”
As a part of the announcement, Xpring is also announcing that payments processor BitPay, mobile wallet BRD and digital custody provider Anchorage are all adding XRP to their offerings. With BitPay on board, the company anticipates users being able to use XRP for everyday purchases at thousands of merchants, including Microsoft and AT&T.
Furthermore, Chainalysis is adding the XRP ledger to its blockchain analytics product.
Ripple’s Xpring Looks to Build XRP DeFi Products With New Acquisition
Ripple has made its first move towards building decentralized finance (DeFi) products based on XRP.
With its acquisition of decentralized payments platform Logos Network, Ripple’s investment arm, Xpring, will add nine New York-based engineers. Logos founder and CEO Michael Zochowski will become Xpring’s “Head of DeFi Products.” Xpring did not disclose the price of the deal.
Before joining Xpring, Logos was working to build a payments network inspired by the bitcoin blockchain, with a focus on a scalable, rapid network that still maintains high levels of security.
The Logos acqui-hires will now help Ripple build XRP derivatives, loans, futures and forwards, said Ethan Beard, senior vice president of Xpring.
“We’re still at the early stage of figuring this out”, Beard said, adding:
“We’ve made investments in DeFi companies in the past. We invested in Securitize and Dharma, but it’s now an area where we’re building.”
Part of Xpring’s focus is to identify use-cases outside of the company’s payments network, RippleNet, to build a network of companies around XRP. So far, the company has committed $500 million to 20 companies, including both equity investments and XRP grants, like the $265 million deal brokered with content platform Coil.
With the Logos acquisition, Xpring now has a team of 32 employees, having grown from a team of just two last May. Beard hopes the same financial institutions that take advantage of RippleNet to achieve real-time payments and real-time fiat settlements will be interested in XRP-based DeFi products.
“In particular, I’m interested in debt and lending and what that looks like”, Beard said, adding:
“It didn’t take long after the first creation of fiat for someone to go to a person who had some and say, ‘Hey, can I borrow that?’”