- Ripple’s venture capital firm Xpring has announced the acquisition of Strata Labs.
- Strata Labs will develop and deploy an infrastructure that increases the adoption and deployment of XRP.
The San Francisco-based Ripple project has made great progress in many areas of the company in recent days and weeks. Xpring, the investment arm of Ripple Inc, was built to promote the adoption and acceptance of Ripple’s native token, XRP. The latest investment will once again help expand the use of XRP.
Xpring acquires startup Strata Labs
A few hours ago, Xpring announced that it would take over the American startup Strata Labs. The company’s two leading developers and founders, Austin King and Dino Rodriguez, will continue their work at Ripple’s San Francisco facility with immediate effect. They already feel at home and an integral part of the Xpring team, the announcement describes.
— Xpring (@XpringDev) November 1, 2019
So far, Strata Labs has worked on extending the infrastructure for the Interleger Protocol (ILP) and researched creative ideas to increase the scope of XRP. King and Rodriguez have successfully researched and developed cryptocurrency trading products at Harvard University.
At Xpring, Strata Labs will focus on open source projects. The main focus will be on the scalability of the ILP, as existing resources will be used to develop products intended for public consumption and the mass market.
Strata’s research has enabled some of the first truly Internet-native micropayments, with more than 10 billion transactions being used over the ILP network for applications such as coil or stronghold. These tools will be made available to developers worldwide:
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.
We plan to open source the proprietary code from Strata’s infrastructure to allow all developers to use it for their own projects and make the ILP network more accessible.
So far, no official figures have been released on the cost of the acquisition.
Ripple invests in the future
Ripple tries to ensure access to various financial markets through smart investments right from the beginning of new developments in the respective market. The derivatives market is a huge trading place where many companies see great profit opportunities. By investing in the Vega protocol, Ripple ensures that XRP is also used on this venue.
Furthermore, Ripple is on the advance in the South American region through a partnership with Bitso to expand the payment corridor to Mexico through the use of XRP. In addition, Ripple will also be present in the Asian market through its cooperation with SBI and will handle transactions worth several billion USD.
XRP is also used in the equity market. The Canadian crypto exchange Coinfield has announced the launch of the Sologenic trading platform. Sologenic will be based on the XRP Ledger and tokenizes shares and ETFs from more than 25 global exchanges that can be traded via XRP and SOLO.
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XRP’s price has continued to move sideways (+0.17%) to USD 0.2934 over the last 24 hours despite the positive news.