Ripple Commits 1 Billion XRP To Developer Program

March 17, 2022 1:02 pm Comments

Ripple has released plans to commit 1 billion XRP to fund a program that would provide grants to developers and to encourage more progress in open source projects on the XRP ledger.

This is on top of the already existing XRPL Grants program which was released in the previous year which has so far funded more than 50 projects on the ledger to date.

As part of the program, Ripple will financial and strategy support to help enable developers to build and scale their projects on the Ripple ecosystem.

Ultimately, the long term goal is that continual funding and support over the next 10 to 20 years will allow Ripple to solidify its foundation and developer community which will allow it to truly become a global network in the future.

Yahoo reports:

“The developer community has seen a tremendous growth and passion for building on the XRP Ledger that has only increased since the launch of the XRPL Grants program last year,” said Monica Long, GM of RippleX at Ripple.

“With this new expansion, we are committing to participating in and supporting the developer community long-term.

As the community grows, and the infrastructure and apps ecosystem matures, we are also excited about the opportunity for RippleNet customers to benefit from the community’s offerings and vice versa.”

The XRPL Grants program furthers Ripple’s shared vision with the developer community to help build the Internet of Value by contributing improvements and new use cases to blockchain technology and specifically, the XRPL.

The grant will disperse funds over the course of the next 10 years and will be planned in stages to encourage stable organic growth.

These continued developments are happening alongside the current lawsuit that Ripple has been in against the SEC which has been going on since 2020.

Ripple has been continually expanding its network and technology outside of the United States in the meantime in an attempt to gain market share on an international stage.

The company has achieved a recent $15 billion valuation at the same time indicating that the company is already seeing the positive effects of its continued organic growth and may be set for further expansion once the SEC lawsuit ends.

CoinTelegraph reports:

Ripple’s new developer grant would be released over the course of the next decade. The firm would conduct a number of boot camps to encourage and onboard developers.

The first two waves of the XRPL grant were focused on the nonfungible token and federated sidechains, while the third-wave aims to onboard open source projects on its ledger.

Despite its ongoing security lawsuit in the United States, Ripple has managed to expand on its cross-border payment technology outside the U.S.

Ripple’s remittance technology has become quite popular in the past few years, owing to its advantages of lower costs and more instantaneous transactions than the traditional payment gateways.

According to a recent report, Ripple partner The Clearing House is in talks with Wells Fargo to develop a SWIFT alternative.

Recent conflicts between Russia and Ukraine have also peaked curiosity in looking at alternative financial networks besides SWIFT with Ripple being a potential point of interest.

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