Xpring, an initiative of Ripple Labs Inc. put in place to develop the Internet of Value, is expanding its tentacles by supporting the creation of innovative blockchain based projects with all might and main, including financial resources.
Established in the year 2018, Xpring which focuses on interoperability, decentralized finance and payment system, as so far made huge footprints in the blockchain industry as well as finance industry according to an infographic display which shows the partners of the Ripple investment arm and how much it has doled out into different projects.
Image Credit: Stedas
Per the infographic data, Xpring has since its establishment invested $500 million into over 20 projects from different companies around the world all in the name of expanding XRP ecosystem.
The investment arm of Ripple Inc. has invested into projects like Coil, Equilibrium, XRPL Labs, Forte and Kava, amongst others. Funds which Xpring gives out for development of projects allow each of the companies to develop a platform that integrates XRP and ILP for usage and drive adoption for the token.
Ripple Possibly Driving Investors’ Confidence in Moneygram International, Inc. MGI
The year 2018 was undoubtedly gloomy for MoneyGram International, Inc. MGI, but 2019 has somewhat been a year of revival for the company. Even though the company’s revenue dropped by 13% year over year in the first half of the year, significant improvements, like partnering Ripple (XRP), has been a major driving force behind investors improved confidence.
Ripple doled out $30 million to MoneyGram for a 2 year equity investment in the latter. MoneyGram will be using Ripple’s xRapid and XRP to execute international remittance at lower cost and higher speed.
Furthermore, MoneyGram International, Inc. MGI stock has been witnessing growth in the year 2019, and it has been attributed to its partnership with Ripple.
Haven witnessed 84% decline in 2018, MGI has in the present year initiated a revival with 80% year to date growth. Nevertheless, the leading remittance company in the industry, Western Union Co. WU, has only managed to gain 28% year to date growth.
MGI major growth in the stock market was after its partnership with Ripple, thus making many attribute its rise to the deal. MGI spiked from being valued $1.49 to $3.88 immediately after sealing the deal.
However, it is price $3.72 at press time with 3.33% added value in last 24 hours.
