Did Google Just Invest In An XRP Ledger (XRPL) Startup?

Highlights

A growing speculation on X hints at a Google investment in XRPL
The investment was notably made into XPMarket, a GameFi and DeFi startup
The Google stake was misconstrued as it is only a grant offering

Certain speculations have flooded the crypto market about the alleged Google investment in XPMarket, a GameFi and DeFi platform on the XRP Ledger (XRPL).

XPMarket Receives $200K Grant From Google

Financial market reporter Zach Rector took to X to hint that Google has just supported the XRPL startup by making a significant investment in its platform. He highlighted a previous post from XPMarket announcing the funds it received from Google.

XPMarket noted that it secured the $200,000 grant from Google for Startups, not a direct investment. Noteworthy, Google for Startups is a program launched in 2011 to provide hands-on lessons for aspiring entrepreneurs and founders. So far, It has plunged more than $50 million to support growing businesses.

Giving out this grants does not equate to making an investment in any firm. This implies that Rector may have been hasty with his statement about Google investing in XPMarket.

Within the last 24 hours, XRP has surged by 0.89% likely influenced by the news of the Google investment. The coin is currently trading at $0.5233.

In addition to the $200,000 grant, the Google for Startups Cloud Program promises to provide other supports including technology and community network resources. For the Web3.0 sector, the goal of this grant is to help these companies focus on innovation rather than infrastructure while building the next Decentralized Application (DApp), Web3.0 tool and more.

It is worth noting that XPMarket is not the only Web3.0 platform that has received this Google grant. A similar situation was seen in February when NFPrompt partnered with Google for Startups Cloud to fuel AIWeb3 innovation. The firm harnessed Google Cloud’s state-of-the-art technology and expertise to propel forward thinking solutions.

XRP Ledger Sees Multiple Adoption And Utilisation

In between, XRPL has seen several new developments in the last couple of weeks. Coingape reported that Ripple signed a strategic partnership agreement with Evmos, an Ethereum Virtual Machine (EVM) chain designed with the Cosmos SDK, to build an EVM sidechain for XRPL.

The move onboards XRPL on Interchain and prioritize bringing XRP Army, DApps and liquidity to a network of more than 90 interconnected chains.

About two weeks ago, Ripple also announced plans to merge forces with Hashkey DX, a Tokyo-based arm of digital asset financial services company HashKey Group, to streamline XRPL-powered solutions within the Japanese market.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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