Monday, October 3, 2022
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Ripple to award one billion XRP

The XRPL grant’s first two rounds awarded USD 6 million to 50 open source projects based on the XRP ledger. Ripple, a startup that specialises in enterprise payment technologies, intends to provide one billion XRP in grants to developers.

Ripple to award one billion XRP

Ripple, a startup that specialises in enterprise payment technologies, intends to provide one billion XRP in grants to developers. The new grant builds on the company’s XRPL Grants programme, which began in 2021. RippleNet, an XRPL-based remittance system, has established a strong presence in the Asia Pacific.

According to the current XRP pricing, the entire value of the grant is around $794 million, of which the business has provided a total of $6 million in funding to over 50 initiatives so far.

The new Ripple developer stipend would be distributed over the following ten years. To motivate and enrol developers, the business would host a series of boot camps. The nonfungible token and federated side chains were the focus of the first two waves of the XRPL award, while the third wave intends to bring open source applications onto the ledger. Despite a pending security lawsuit in the United States, Ripple has been able to spread its cross-border payment system outside of the country.

Ripple’s remittance technology has grown in popularity in recent years, owing to its advantages over traditional payment gateways in terms of cheap cost and rapid transactions. The Clearing House, a Ripple partner, is in negotiations with Wells Fargo to build a SWIFT alternative, according to a recent article.

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