According to Cointelegraph on November 6th, Ripple's investment department and technology incubator Xpring has completed a strategic investment in the smart contract platform Flare Networks.
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Flare Networks reported on November 5 that it has entered into a partnership with Xpring and received an investment from Xpring, which will enable the company to bring "rich resources and partners to enhance and extend the Glare, Xpring and XRP ecosystems." system".
According to reports, the Flare Network has been in development for more than two years, integrating the Ethereum Virtual Machine to enable smart and contracted public and private networks.
Flare will soon release a draft white paper on tokens detailing the construction and decentralization of its native tokens, a token of stability in its algorithm. Xpring further explained:
"Flare's native token will be an algorithm-based stable coin, part of which is created by burning XRP, and the contract payment can be paid and received in XRP by Interledger, which will be integrated with Flare."
The Xpring team also added that Flare will use the "XRP address and encryption system to provide XRP users with a way to seamlessly interact with smart contracts on the Flare network", allowing more users and developers to contract settlement and application. XRP ledgers are used in more use cases such as program development.
Cointelegraph contacted Xpring on a report on investing in the Flare Network. As of press time, Xpring has not responded.
Xpring invests in Swedish start-ups
In October of this year, Xpring invested in Swedish cryptocurrency self-hosted startup Towo Labs to build hardware wallet firmware. Xpring said the Swedish startup plans to develop a new version of the XRP toolkit and hardware wallet firmware, support all XRP ledger transaction types, and provide an unmanaged web interface.