Ripple, a payment services provider, is gearing up to promote the development of multiple open-source projects based on XRPL. Ripple intends to distribute one billion XRP as grants to developers on the XRP Ledger.
According to a RippleX representative, the Ripple arm will carry out the distribution over the next 10 to 20 years.
The funds will be distributed to projects that develop projects in accordance with its payment-oriented blueprint. At the current XRP price, 1 billion XRP coins are worth approximately $794 million.
Ripple already has a grants program called ‘XRPL Grants,’ which was launched in June of this year. So far, two rounds of project selection have been completed under the scheme.
Out of over 100 applicants, VerifyEd, a UK-based educational blockchain credentialing platform, was awarded a $100,000 grant in the most recent round.
The deadline for submitting projects for consideration in the next round is March 28. New open-source projects on the XRP Ledger will be eligible for the grant, as will projects contributing to existing open-source efforts, adding XRP and XRP Ledger support to projects, and integrating XRPL into APIs, SDKs, and libraries.
It is unclear whether the recently revealed funding plans will be integrated with the XRPL Grants scheme. The news follows RippleX’s recent announcement that it is making progress with the disbursement of the $250 million ‘Creator Fund’ for NFT developers, which was launched last year.
According to Ripple’s report on the developers’ fund, over 4,000 NFT projects applied for grants. It was also noted that the XRPL NFT ecosystem was expanding and diversifying.
Ripple, in addition to supporting the XRP blockchain, is expanding its payments-services provider business through a number of initiatives and partnerships. Ripple recently launched a collaboration with Tranglo, an Asian financial services firm. Tranglo will assist Ripple’s On-Demand Liquidity (ODL) services in establishing a foothold in the Asian market.
Ripple also made a significant regulatory compliance announcement yesterday. It announced the appointment of Michael Warren, MD of Albright Stonebridge Group (ASG), to its board of directors.
Warren has over 20 years of experience navigating regulatory issues and significant clout in the United States, having served under two former Presidents.
However, the price of XRP remains constrained in the market as a result of the SEC’s lawsuit against Ripple. XRP is currently trading at around $0.79, up 3.24 percent on the day. Market participants anticipate that if Ripple’s case with the SEC is successful, the price of XRP will skyrocket.