Ripple, a well-known fintech company and a prominent player in the $XRP market, has pledged 1 billion XRP ($800 million) to “accelerate development and innovative use cases on the XRP Ledger.”
According to a press statement, the $1 billion XRP fund is an expansion of the company’s XRPL Grants program, which was launched last year and has so far provided $6 million in funding to more than 50 open-source projects built on top of the XRP Ledger.
Ripple will provide “financial, technical, and business support to create various new developer initiatives as part of the fund,” according to the press statement. The 1 billion tokens will be distributed to developers “over the next 10 to 20 years” to aid in the development and scaling of XRP-based applications and companies.
The funds will be used to build a decentralized finance (DeFi) program and an accelerator program that will “give business and financial support, training, and mentorship to initiatives on the XRPL,” as well as a decentralized finance (DeFi) program to launch DeFi protocols on the XRP Ledger. Wit will also assist with the establishment of a sustainability program, a diversity and inclusion program, and the expansion of the XRPL Grants program’s judging panel.
It’s worth emphasizing that Ripple is a for-profit corporation that works to promote and develop the XRP cryptocurrency and the XRP Ledger software
Through its RippleNet platform, the company uses the XRP token to provide banks with low-cost and straightforward cross-border transactions. American Express, Bank of America, Santander, and other financial institutions are part of RippleNet’s network.
After the firm’s general counsel Stuart Alderoty revealed the court denied the US Securities and Exchange Commission’s motion to strike its fair notice defense in its lawsuit against Ripple, Ripple CEO Brad Garlinghouse recently stated on social media that he believes the fintech firm has scored a “huge win.”
The SEC claims that Ripple and two of its officials “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering,” according to the lawsuit. It had a detrimental influence on the price of XRP since, following the announcement of the lawsuit, most cryptocurrency exchanges began delisting the token to prevent any ramifications, reducing its liquidity.
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