Ripple confirmed that a total of 1 billion XRP worth RM3.3 billion will be allocated for the development of the XRP Ledger (XRPL) ecosystem based on a focus on new use cases.
📣Today, @Ripple is committing 1B XRP to expand #XRPLGrants.
This funding will help launch:
🏃♂️ An accelerator program
💲 A #DeFi program
🫂 A Diversity & Inclusion fund
♻️ A sustainability program
🏅 An expanded Grants judging committee
Learn more 👇 https://t.co/OcgAjR04j5
- RippleX (@RippleXDev) March 17, 2022
For information, the fund is part of the XRPL Grant program launched by Ripple last year and to date has allocated $ 6 million (RM25.2 million) for 50 projects developed at XRPL.
This latest effort is based on the objective of supporting developer projects around the world at XRPL for the long term.
Here are the details of the use of funds according to the announcement:
Provision over a period of 10 to 20 years with offers of financial, technical, and business support for new projects at XRPL.
The launch of a decentralized financial platform (DeFi) in XRPL based on the implementation of the DeFi program.
Launch of sustainability programs; diversity and inclusion
Developed a panel of judges for the XRPL Grant program
Despite facing Securities and Exchange Commission lawsuits since December 2020, RippleNet managed to lock in partnerships with several partners such as American Express, Bank of America, Santanders, Tranglo, and more.
There is a difference between RippleNet, Ripple, and XRP, as well as XRP Ledger.
RippleNet refers to a network that connects banks, payment providers, etc. through a single cross-border payment API / network.
Ripple refers to a payment system developed by Ripple Inc. (Ripple Labs) on a blockchain known as XRP Ledger.
While XRP is a crypto asset that serves to conduct transactions on Ripple and XRPL.
