We first met Austin King and Dino Rodriguez through the Boston tech community. Evan Schwartz, co-creator of Interledger (ILP) and engineer on the Xpring team, had recently moved to Boston where Austin and Dino were pursuing degrees in computer science at Harvard.
We were immediately impressed with their entrepreneurial track record: both were engineering-led founders, having previously developed crypto trading-related products while still in school. As we got to know them more, we found a lot of alignment in our visions for how money should work and ILP’s potential to enable an Internet of Value. Eventually, Austin and Dino decided to dedicate their time to building ILP infrastructure through Strata Labs — a startup focused on building infrastructure and real utility at the intersection of fintech and cryptocurrencies — which we invested in alongside General Catalyst and others.
With that, we are excited to announce today that we are acquiring Strata Labs and officially welcoming Austin and Dino to the Xpring team where they will be based in our San Francisco office. Similar to the ethos here at Xpring, Strata is keenly focused on open-source projects and scalability. As we continued our collaboration on ILP, we realized the resources Strata developed around node operations and scalability were clearly tools that the entire ecosystem should benefit from and have access to. Even further, Austin and Dino already felt like a part of our team.
Strata’s focus on developing and operating node infrastructure and services for the ILP network has enabled some of the first truly Internet-native micropayments, with more than 10 billion transactions flowing on the ILP network for applications such as Coil and Stronghold. We plan to open source the proprietary code from Strata’s infrastructure to allow all developers to use it for their own projects and make the ILP network more accessible.
This demonstrates yet another way that Xpring, the open platform for money, is providing developers with the tools, services and programs to make it easier to build on the XRP Ledger and leverage ILP to realize the internet of value.