Xpring, an investment section of Ripple Inc. working on promoting the adoption of XRP token, has announced the acquisition of Strata Labs, stating that the team will henceforth be working in its San Francisco office.
Strata Labs is a startup centered on building infrastructure and real utility at the intersection of fintech and cryptocurrencies.
Earlier, Xpring invested in Strata Labs alongside General Catalyst and some others. However, the startup has been completely acquired by the venture capitalist arm of Ripple Inc.
The Strata Labs team comprising Austin King and Dino Rodriguez will join in increasing the infrastructure on Interledger Protocol (ILP), and bring forth ideas that can increase the usage of XRP. King and Rodriguez are both graduates of computer science at Harvard University.
The two co-founders have developed crypto trading-related products while still in Harvard. Before joining Xpring, Austin and Dino have “decided to dedicate their time to building ILP infrastructure through Strata Labs”.
“we are excited to announce today that we are acquiring Strata Labs and officially welcoming Austin and Dino to the Xpring team where they will be based in our San Francisco office,” an announcement by Ripple’s Xpring has shown.
At Xpring, Strata will be dedicate to open-source projects and scalability around ILP because the resources developed by Strata are unmatched and should be made open for public consumption.
Xpring said it would be open-sourcing the proprietary code from Strata’s infrastructure to give developers across the world the opportunity to make use of it for their personal projects, making the ILP network more accessible to developers.
The idea is to bring in developers to build ideas on the XRP Ledger and also make us of the ILP to bring about the much awaited internet of value.
“As we continued our collaboration on ILP, we realized the resources Strata developed around node operations and scalability were clearly tools that the entire ecosystem should benefit from and have access to,” Xpring concluded.
Earlier, Xpring invested in different firms capable of increasing the use cases of XRP. Recently, the investment arm of Ripple invested in Vega Protocol, BRD, Keyless, Towo Labs, XRPL Labs, the creator of XPR Tip Bot, and some other big firms to bring more idea into the XRP ecosystem and brighten the future of the technology.
Xpring is always looking for ideas that has the capacity of bringing more development to the XRP ecosystem. The investment section dedicate time to the growth of XRP Ledger.