Ripple has made a lot of money thanks to appreciation in the value of its XRP (XRP) token. But according to The New York Times, now Ripple has to persuade people to use XRP for something other than speculative trading.
Even with the recent drop in cryptocurrencies this year, Ripple still owns $30 billion worth of XRP, the Times reports.
To get some of those digital tokens into the hands of people who will use them for real-world transactions, Ripple has created a $300 million fund to pay companies to use XRP for easing the transfer of money across international borders. Another Ripple program, Xpring, is intended to pay developers to build XRP-focused software.