Ripple Spends $500 Million a Year on XRP Ecosystem Development

On Tuesday, Ripple's U.S. fintech startup reported on the results of the first year of operation of its Xpring division, whose task is to expand the capabilities for the use of XRP cryptocurrency.

According to the publication, over $500 million has been spent by Ripple over 12 months to support initiatives that the startup found to be beneficial to its ecosystem. In the near future, Xpring plans to continue to invest in various protocols, projects and collaborations to create "real-world applications of XRP".

Xpring has supported more than 20 companies ranging from "independent developer projects to large-scale partnerships".

"Our efforts have focused on two areas: creating the best possible cryptocurrency infrastructure by participating in open source cryptographic protocols such as XRP Ledger, and helping innovative blockchain projects through partnerships and investments," the company writes.

In the short term, the Xpring team plans to use its resources and capital to create an easier to use ecosystem for developers involved in XRP-related projects and to encourage companies to use the cryptocurrency.

Xpring has co-funded various platforms, including the Coil content monetization system and the Forte gaming platform.

We are aggressively growing a full-fledged team that includes development, products and marketing to support projects that solve customer problems in advanced ways," the company says. - Simply put, we want to work with developers and entrepreneurs involved in transforming the world's financial systems and creating Internet values.

Thats a lof of money spent, its interesting how much does steemit spent per year on development?
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