Ripple’s Xpring invests in smart contract platform Flare Networks

Ripple's Xpring invests in smart contract platform Flare Networks

The investment side of Ripple, Xpring, has completed a strategic investment in smart contract platform Flare Networks.

“World opens to Ripple’s ecosystem”

In a message on their own website, Flare Networks announced that it has managed to seal a partnership with an investment from Xpring. They argue that the investment from Xpring will ensure that a world of possibilities opens up for both Flare Networks and Ripple and the XRP ecosystem.

The company Flare Network, which was founded two years ago, integrates an Ethereum Virtual Machine to connect public and private networks to smart contracts.

Flare will soon prepare a draft white paper in which the details are further elaborated. The idea, for now, is that an own stablecoin will come on the market that will be coordinated via an algorithm. The white paper will provide insight into the construction and decentralized management of the coin. The platform will use XRP and payments for a smart contract can be made and received with the crypto from Ripple itself.

The Xpring team adds that Flare will use the XRP address and encryption system to allow XRP users to experience a seamless transition to handle smart contracts via the Flare Network. This development must ensure that more users and developers of the network can use the benefits of an XRP Ledger in practice when developing apps or agreeing contracts.

Xpring invests money

In October Xpring even invested in a startup. At that time, money was invested in a Swedish party, Towo Labs, which is going to work for Xpring with hardware wallet firmware for Ripple tokens.

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About Shawn Morrison 245 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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