- Ripple’s investment arm Xpring is funding Agoric, a blockchain start up
- Agoric says it plans to use the new funding to expand its team
- Agoric is looking to launch a testnet shortly
Xpring, a Ripple-powered initiative whose primary objective is to invest in, acquire, incubate and provide grants to credible distributed ledger technology startups, has invested an undisclosed amount in Agoric, a startup that claims to empower individuals to securely execute transactions, build new market and do more with smart contracts, according to an announcement this week.
Agoric’s New War Chest
Agoric, a blockchain project that went live in 2018, with a focus on developing a DLT-agnostic programming language for smart contracts has attracted new funding from Xpring, the VC arm of Ripple, the San Francisco-based financial technology company behind the XRP altcoin.
Per a Medium post, the Xpring team has made it clear that its decision to invest in Agoric is born from its belief that interoperability is essential for the continuous growth of the blockchain ecosystem. Vanessa Pestritto, Director at Xpring stated:
“At Xpring we believe the future is interoperable. Data, value, and computation will be capable of moving cross chain and applications will need to be supported by interoperable infrastructure. We are actively making investments in this future, which is why we are excited to announce that we have invested in Agoric.”
Agoric’s language makes it possible for developers to seamlessly create secure smart contracts as well as cryptoassets that can connect to public and private distributed ledgers in a frictionless way.
With the growing ubiquity of blockchain technology, it has become essential for the revolutionary technology to be easier to implement, in order for more traditional institutions to adopt the technology.
Agoric understands the challenges impeding mainstream adoption of blockchain technology and the team is focused on bridging the gap by creating an interoperable smart contracts platform accessible to mainstream developers.
Growing the team
With the new funding, Agoric has revealed that it plans to increase the size of its team, which currently made up tech and smart contracts experts such as Mark S. Miller, Dean Tribble, Mike Jablon, Kate Sills, and Brian Warner.
Agoric also plans to launch a testnet and collaborate with other projects to build an interoperable platform.