According to a press release on Thursday (March 17th), Ripple will commit 1 billion XRP to support the development of the XRP ledger and new use cases.
This is an extended version of the XRPL Grants program, which was deployed in 2021 and awarded $ 6 million to open source projects built on the ledger.
This is because developers using XRPL are considering building and scaling apps on their ledger, primarily for speed, scalability, and carbon neutrality.
Ripple will support the deployment of the developer program, and over the next 10 to 20 years, the donated XRP will be paid to developers considering building and extending the app.
The fund’s program is specially tailored to training and mentoring projects developed by the XRPL community. This includes accelerator programs to support businesses, DeFi support, diversity and inclusion funds and partnerships, and sustainability programs.
Monica Long, General Manager of Ripple X at Ripple, said: “With this new expansion, we are committed to long-term participation and support in the developer community. As the community grows and the infrastructure and app ecosystem matures, RippleNet’s customers will become more of a community. I’m also excited about the opportunity to benefit from the service and vice versa. “
reference: PYMNTS Blockchain Series: What is XRP?Cryptocurrency that makes ripples in payments
PYMNTS recently wrote about XRP, stating that it is the “most deeply involved” cryptography in the payments industry.
Ripple uses XRP to power its network of banks and remittance companies, and uses XRP to bypass the financial messaging service SWIFT and transfer funds internationally at low prices.
The company is basically the only user of XRP Ledger, an open source distributed blockchain with all 100 billion XRP tokens pre-mined.
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