In a recent post on Ripple’s Insights page, the company announced a new initiative to assist and invest in new companies that are pushing for more innovation in blockchain and cryptocurrency.

Ripple says they’re starting a new initiative they are calling Xpring (pronounced Spring) that will, "invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs.” Those who qualify will use the digital asset XRP and the XRP Ledger, which is the open-sourced, decentralized technology behind XRP.

Teams are currently being formed and Ethan Beard has been appointed as the new Senior Vice President to lead Xpring and Ripple’s developer program. Before Ripple, Beard served in some big capacity with numerous tech companies, as well as being the Director of the Facebook Developer Network from 2009-2012.

Beard said that during his time with Facebook he witnessed companies involved with everything from news organizations to music and gaming, all becoming successful businesses. “Blockchain and digital assets have the ability to solve important problems and XRP – with it’s speed, scalability and demonstrated real-world use case,” Beard said. “[it] is a great tool for startups and entrepreneurs to build businesses around.”

Ripple writes,

“We will continue to use XRP to help financial institutions remove friction from global payments. However, the characteristics of XRP and the XRP Ledger – superior speed, scalability and stability — make it perfect for entrepreneurs looking to solve problems across identity, trade finance, gaming and virtual goods, provenance, real estate, insurance, digital media and many other industries. Xpring’s entrepreneurs and companies will leverage XRP for use cases like these, among others.”

Ripple says they created Xpring because they felt the ledger had a long way to go because it was, “still untapped potential of the ledger and the asset for uses cases beyond the company’s focus: removing friction from global payments.”