Xpring, the brainchild of Ripple that works as the investment arm for innovative blockchain projects, has made a strategic investment in a well-known smart contract platform, Flare Networks.
On November 5, 2019, Flare Networks made an official announcement stating that it has earned a critical partnership and investment with Ripple’s tech incubator, Xpring. The firm clarified that the aid would allow Flare Networks to secure a “wealth of resources and partners to enhance and extend the Flare, Xpring, and XRP ecosystems.”
It has been more than two years span since the Flare Network is in the making. As per the reports, the company is all set to integrate the Ethereum Virtual Machine network with an aim to render the public and private networks with the necessary convenience while using smart contracts.
Flare Networks has also reported that it will soon present a draft token whitepaper, which will give an insight into the creation and decentralized management mechanism of its native digital currency. The native coin will be an algorithmically curated, pegged stablecoin.
The Xpring team quoted that
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.
It further affirmed that Flare would employ “the XRP address and encryption system to provide XRP users with a virtually seamless way of interacting with smart contracts on the Flare Network.” This will allow more users and developers to operate the expertise of the XRP ledger in extensive situations like contract settlement and app development.
Earlier in October, Xpring invested in a Swedish crypto self-custody startup named Towo Labs. The partnership was focused on the creation of a hardware wallet firmware. Xpring revealed that Towo Labs aims to launch a new and innovative version of the XRP Toolkit along with a hardware wallet firmware which can support all XRP Ledger transaction cases and non-custodial web interface.