Ripple’s fundraising and development arm Xpring is investing in Flare Networks – a move the company says will enable “smart contract capability” for the XRP Ledger.
The company reveals its latest investment in a new press release highlighting Flare Network’s push to utilize the Ethereum Virtual Machine (EVM) to allow both public and private networks to integrate smart contracts.
“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.
Flare will also 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.”
Ripple says the investment will give developers the ability to utilize the XRP Ledger in new ways and further the company’s mission to bring the adoption of XRP beyond the world of payments.
“Users and developers would like to leverage XRP in more use cases, and the Flare Network will enable this capability for more companies and developers eager to leverage XRPL for their needs.
Flare Network is currently in the testing phase with early partners including Securitize, Singularity, BuenoBit, Neuhanse Network and many more to be announced.”
Ripple has not disclosed the amount of money it’s investing in Flare Network.
The move follows the San Francisco startup’s recent investments in Vega Protocol and Towo Labs.