Xpring, the Ripple’s arm dealing with investments, spreads the word that it has chosen another promising company for investing. Being interested in the sphere of decentralized finance, Xpring looks for a good opportunity to implement smart contracts into the XRP ledger.
Flare Networks, the company that Xpring has recently invested in, is going to help with that.
XRP ledger to add blockchain contracts
As the blog post by Ripple-invested Coil specifies, Flare Networks is a Turing Complete Federated Byzantine Agreement (FBA) protocol. The startup uses the Ethereum Virtual Machine, thus enabling any private or public networks to utilize smart contracts.
The Xrping's investments will be also used to enable further development of Flare.
The Flare Networks co-founder, Hugo Philion, says in the Flare blog:
“I am delighted to announce that XPRING, the investment arm of Ripple Labs, has just completed a strategic investment into Flare. The partnership and investment enables the company to further the development of Flare, and brings a wealth of resources and partners to enhance and extend the Flare, Xpring and XRP eco-systems. We look forward to working further with Xpring to serve their partner’s needs beyond payments.”
Since XRP allows users to conduct fast and cheap transactions, Flare is going to give it another use-case and help dev teams and companies use the XRP ledger and XRP for their purposes.
Among other partners of the Flare Networks are Singularity, Neuhanse Network, Securitize, etc.
Xpring acquires Strata Labs
Recently, U.Today reported that Ripple’s subsidiary Xpring also invested in Strata Labs, a company which is developing the Interledger protocol (ILP).
Earlier this year, Xpring also invested in the Equilibrium Connect to streamline the adoption of Interledger.