As cryptocurrency global payment options expand, Ripple wants to assure it stays at the forefront with its XRP token through the creation of a developer platform for third parties that will fuel new products using XRP.
Ripple says the Xpring Developer Platform will operate as an “open developer platform for money” as it seeks to make it easier for third-party coders to send and receive payments by adding to the XRP Ledger and using the distributed ledger protocol as a gateway to any currency, fiat or blockchain.
Ripple’s move could also be viewed as a way to offset competition, such as JPMorgan Chase’s JPM Coin, which the U.S. bank introduced earlier this year as a way to handle cross-border payments faster and with less expense.
It might also reinforce developments from earlier this year when the Euro Exim Bank in London put the spotlight on the XRP token in declaring it was embracing Ripple’s cryptocurrency and the xRapid software in a move that put into question whether XRP could replace the correspondent bank network in global payments.
For now, the platform operates as a new vertical for Xpring, the investment arm of the past year for Ripple with a mission to build a network of companies and use-cases for XRP. The platform essentially will make it possible for developers to integrate fiat and cryptocurrency payments into any application.
“Payments today are broken,” Ripple said in a statement to the media. “They can take days to arrive and operate in a maze of siloed networks.”
Ripple’s continued work with XRP counters what the blockchain company calls traditional payment rails that “were not built to meet today’s business and consumer demands for reliable, fast, convenient and low-cost payments.”
The Xpring software development kit will provide the tools and technology to move money instantly along a range of industries, from banking and financial services to micropayments, Web payments and gaming, the company said.