Ripple, the San Francisco-based cross-border payment firm, has announced that it is committing 1 billion XRP worth $800 million at current prices, to accelerate development and new use cases on the XRP Ledger.
According to a blog post, the 1 billion XRP is an extension to Ripple’s XRPL Grants program, which was launched in 2021 and has awarded $6 million in funding so far. The funding was received by over 50 open-source projects built on top of the XRP Ledger.
Read Also: Credible Crypto Issues XRP Price Warning after a Crucial Ruling in Favor of Ripple
📣Today, @Ripple is committing 1B XRP to expand #XRPLGrants.
This funding will help launch:
🏃♂️ An accelerator program
💲 A #DeFi program
🫂 A Diversity & Inclusion fund
♻️ A sustainability program
🏅 An expanded Grants judging committeeLearn more 👇 https://t.co/OcgAjR04j5
— RippleX (@RippleXDev) March 17, 2022
The blog post reads in part as follows:
“Getting started on the XRP Ledger (XRPL) should be easy, and scaling a project to real-world implementation shouldn’t be slowed by barriers to entry like capital, experience, and resource dependencies.
“That’s why Ripple is making a 1B XRP commitment to the XRPL Grants program: to provide long-term resources to support global developer projects built on the XRP Ledger, and continued commitment to fostering this community and supporting their work.”
Read Also: Tranglo Announces Activation of Ripple’s ODL that Leverages XRP across All Its Payment Corridors
According to the firm, the grant is targeted at providing the opportunity for any developer to join the XRPL community and leverage the features of the carbon-neutral public blockchain, such as speed, cost efficiency, scalability.
Ripple added that superior technical capabilities in combination with expert business support will enable developers to transform their knowledge into a use case or business idea on the XRP Ledger.
Follow us on Twitter, Facebook, Telegram, and Google News
