In a major effort to increase developments on the XRP Ledger (XRPL), blockchain firm Ripple recently announced that it has committed 1 billion XRP. In addition to the development, the recent initiative from Ripple will facilitate new use cases on XRPL.
Ripple highlighted that the fund is an extension to the XRP Ledger Grants program which was introduced in 2021. To date, it has awarded $6 million in total funding to over 50 open-source projects built on XRPL. The first 2 waves of the XRPL Grants program is focused on emerging platforms and projects related to non-fungible tokens and Federated Sidechains, respectively.
According to Ripple, the applications for the third wave are now open and the company is planning to welcome projects working on open-source contributions. Through the committed amount, Ripple aims to support developers eager to build and scale their apps from proof-of-concept to new businesses on the XRP Ledger.
“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 mature, we are also excited about the opportunity for RippleNet customers to benefit from the community’s offerings and vice versa.”
Ripple’s Services
Ripple saw a surge in the demand for its products and services in the past 12 months. The blockchain firm partnered with some of the leading names in the financial services industry to accelerate the adoption of XRPL. As a result, XRP Ledger transactions jumped substantially last year.
In November 2021, Ripple collaborated with the Republic of Palau for the digital currency strategy.
