Xpring was an initiative launched by Ripple in 2018 to invest in, incubate, and fund companies and developers building on the XRP Ledger and open payment infrastructure. Operating under the Xpring Capital label, the program deployed Ripple's own balance-sheet capital rather than raising a traditional limited-partner fund, so no formal AUM figure was ever disclosed publicly.
The mandate was narrow by design: back projects that created real-world demand for XRP or expanded the open internet-of-value thesis Ripple had championed since 2012. Grants, equity stakes, and technical resources were all on the table. By 2020 Ripple folded Xpring into its broader developer-ecosystem division, rebranded as RippleX, shifting emphasis from direct investment toward protocol tooling, SDKs, and grants for independent builders.
Notable investments
- Coil – web monetization platform using the Interledger Protocol; one of Xpring's most prominent bets on micropayment infrastructure.
- Bitso – Mexican crypto exchange that became a dominant Latin American on-ramp; Xpring participated alongside other strategic investors.
- Forte – blockchain gaming platform backed to bring token-based economies to mainstream game studios.
- Flare Networks – smart-contract layer designed to bring Ethereum-compatible functionality to XRP Ledger assets.
- XRPL Labs (Wietse Wind) – independent developer studio behind Xumm wallet; supported through grants and technical partnership.
Public information on the full portfolio beyond these names is limited. The fund's own disclosures were minimal, and many deals were structured as ecosystem grants rather than formal equity rounds that appear in standard venture databases.
Team
Ethan Beard led Xpring as Senior Vice President of Developer Ecosystem at Ripple. Before joining Ripple he held senior roles at Facebook and Google, where he ran developer platform and partnership programs. No other named managing partners were publicly associated with investment decisions at Xpring Capital specifically; deal flow was handled through Ripple's executive team. Public information about additional dedicated investment staff is limited.
Recent activity
Xpring Capital as a distinct brand was wound down around 2020 when Ripple consolidated its ecosystem efforts under RippleX. The pivot coincided with Ripple's legal battle with the U.S. Securities and Exchange Commission, which began in December 2020 and constrained the company's ability to make aggressive new bets. Since the SEC case resolution in 2023, Ripple has resumed ecosystem investments through RippleX and its corporate development arm, but the Xpring Capital vehicle itself is no longer active.
The initiative's legacy is mixed. Coil shut down its consumer product in 2023 despite early momentum. Bitso grew into a genuine regional leader. Flare launched its mainnet in 2023 after years of delays. The portfolio reflected the risks of early-stage ecosystem investing: a few breakouts, several stalls, and one notable wind-down. Geographic focus was primarily the Americas and Europe, with an eye on emerging markets where cross-border payment friction is highest.