Payment services provider Ripple is gearing up to further promote the development of multiple open-source projects on XRPL. Ripple has plans to give out 1 billion XRP as grants to developers on the XRP Ledger.
Ripple to incentivize projects related to payments
A RippleX representative has revealed that the Ripple arm will carry out the distribution over the next 10 to 20 years.
The funds will be granted to projects creating projects based on its payment-oriented blueprint. At the current price of XRP, 1 billion XRP coins are equivalent to around $794 million.
Ripple already operates a grants scheme dubbed ‘XRPL Grants’ which launched last June. So far, the scheme has completed two rounds of project selections. VerifyEd, an educational blockchain credentialing platform from the UK, emerged the winner of a $100,000 grant in the last round, out of over 100 applicants.
Submission of projects for consideration in the next round ends on March 28. Projects that will be eligible for the grant include new open-source projects on the XRP Ledger; projects contributing to existing open-source efforts; adding XRP and XRP Ledger support to projects; and integrating XRPL into APIs, SDKs, and libraries.
It remains unclear if the newly disclosed funding plans will be integrated with the XRPL Grants scheme. The scoop is coming after RippleX recently revealed that it is making progress with the disbursement of the $250 million ‘Creator Fund’ for NFT developers launched last year.
Ripple’s report on the developers’ fund noted that over 4,000 NFT projects had applied for grants. It also noted that the XRPL NFT ecosystem was getting broad and diversified.
Ripple’s strides and the price of XRP
Aside from supporting the XRP blockchain, Ripple is also building out its payments-services provider business with several initiatives and partnerships. Ripple recently activated a partnership with Tranglo, an Asian financial services company. Tranglo will help Ripple’s On-Demand Liquidity (ODL) services gain footing in the Asian market.
Ripple also made a key announcement yesterday on the regulatory compliance side. It disclosed that Michael Warren, the MD of Albright Stonebridge Group (ASG), was the latest addition to its board of directors. Warren has over 20 years of experience in navigating regulatory matters, and significant influence in the US, having served under two former Presidents.
However, the price of XRP continues to be tied down in the market due to the lawsuit the SEC filed against Ripple. On the day, XRP is trading at around $0.79, up 3.24%. Market participants expect the price of XRP to rip if the case with the SEC ends in Ripple’s favor.
