Xpring, Ripple’s funding arm and tech incubator has accomplished a strategic funding into good contract platform Flare Networks.
Joining the XRP ecosystem
On Nov. 5, Flare Networks reported that it secured a partnership and funding with Xpring that may allow the corporate to deliver a “wealth of resources and partners to enhance and extend the Flare, Xpring and XRP ecosystems.”
The Flare Network, which has been over two years within the making, reportedly integrates the Ethereum Virtual Machine to allow private and non-private networks to leverage good contracts.
Flare will quickly launch a draft token whitepaper detailing the development and decentralized administration of its native coin, which might be an algorithmically managed, pegged stablecoin. Xpring additional defined:
“Flare’s native token will be an algorithmic stablecoin created in part by burning XRP, and payments for a contract can be made and received in XRP via Interledger, which will be integrated with Flare.”
The Xpring group additionally added that Flare will use “the XRP address and encryption system to provide XRP users with a virtually seamless way of interacting with smart contracts on the Flare Network,” enabling extra customers and builders to leverage the XRP Ledger in additional use circumstances, resembling contract settlement and app growth.
Cointelegraph has contacted Xpring regarding the reported funding into Flare Network. Xpring has not but responded as of press time.
Xpring invests in Swedish startup
In October, Xpring invested in Swedish cryptocurrency self-custody startup Towo Labs to construct {hardware} pockets firmware. Xpring stated that the Swedish startup plans to develop a brand new model of the XRP Toolkit and {hardware} pockets firmware supporting all XRP Ledger transaction varieties, in addition to a non-custodial net interface.
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