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- Ripple is giving away one billion of XRP Tokens in order to support its native developers.
- The decision of offering the grant in light of increasing developers who are creating the projects there highlighted Monica Long, General Manager of Ripple’s open-source development program XRP Ledger.
- Ripple is continuously growing as an ecosystem, and it also recently appointed Obama’s Former Senior advisor to its BOD.
Ripple is in the limelight for the lawsuit for quite some time now. Although the case took a new turn earlier last week, and it was somewhat in favor of Ripple but did not really come to a solid conclusion. But the prominent blockchain company continues to make moves inclined towards the growth of its vast ecosystem.
What does the XRP Tokens Worth Nearly $800 Million Give Out aim at?
The company is now giving away one billion XRP tokens to support project developers who build and develop on its payment-focused ledger, which signifies that the native developers would be able to get a grant worth around $790 million currently. These funds would be allocated across the next ten to twenty years.
The General Manager of Ripple’s open-source development program XRP Ledger (XRPL), Monica Long, highlighted the decision of offering the grant in light of increasing developers who are creating the projects there.
The recent funding by Ripple builds on the company’s grant programs for startups which were launched last year. More than fifty open-source projects got over $6 million in financial support via that program.
This fund involves an accelerator program, activities to support decentralized finance (DeFi), and an initiative with the universities to promote applications for funding across developers from marginalized communities and backgrounds.
Ripple is not the sole blockchain company to offer to fund TO native developers. For instance, Binance and Polygon are others who carry out similar activities.
At the time of writing, the XRP token is trading at around $0.79 and stands among the top ten cryptocurrencies by market cap at the sixth position. It has a current market cap of $38,032,858,088
Amidst the yet to be settled Ripple Vs. SEC lawsuit, the payments company continues to grow and take new decisions for expanding its ecosystem. Recently it announced an NFT Incubation Program; it also earlier announced a $250 million worth creator fund to bring around 4,000 NFT Creators under varied NFTs projects.
Ripple has also announced about appointing Michael Warren to its Board of Directors, who has significant experience in financial services, international business, and government policy. He is also a former senior advisor of the White House during Obama’s tenure as a President.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
