Ripple Extends Its XRPL Grants Program, Ready to Give Out 1 Billion XRP

UTC by Gladis Monteiro · 3 min read
Ripple Extends Its XRPL Grants Program, Ready to Give Out 1 Billion XRP
Photo: Depositphotos

“Contributing to Open Source” is the official theme for Wave 3 of XRPL Grants Program by Ripple.

Ripple, the payments technology company, as part of its XRPL Grants program extension, has committed to giving out 1 billion XRP tokens to developers interested in building projects on the XRP ledger. The tokens have a total market valuation of $790 million as of today. The blockchain-based firm has earned a strong footing owing to its remittance technology called the RippleNet.

About the XRPL Grants Program

The XRPL Grants Program that was announced in 2021 provides funds to open-source projects that have the potential to advance the XRP Ledger community. “Contributing to Open Source” is the official theme for the Program’s Wave 3. The proceeds would be distributed over the course of the next two decades to select developers looking to build apps on the XRP Ledger. Most developers are attracted to the Ledger due to its features comprising speed, scalability and carbon neutrality. In order to attract the best talent, the firm would also organize boot camps.

The previous two waves of the grant program aimed at nonfungible tokens and federated sidechains whereas Wave 3 is fully focussed on open source projects. Prior to this, the company has already given out funding of $6 million to over 50 projects as part of its program.

Monica Long, general manager of RippleX at Ripple reiterated her belief in the program by stating that since the start of the Grants program, the growth and passion amongst the developer community to build on the XRP Ledger has only been rising. She expressed her excitement at the prospect of the community’s offerings benefitting the customers alongside the growth and maturity of the ecosystem.

Meanwhile, in connected news, the company’s Principal Developer Advocate has announced his resignation citing personal reasons. Matt Hamilton worked for IBM and HP before joining Ripple.

About Ripple

Ripple is a global enterprise blockchain company that builds decentralized financial solutions to solve real-world problems ensuring the world is able to move information the same way it moves information. The payments giant is on a mission to unlock the power of blockchain, create an inclusive financial ecosystem and accelerate the internet of value.

Founded in 2012 by Chris Larsen and Jed McCaleb, Ripple offers a payment settlement asset exchange and remittance system through RippleNet which is a decentralized global network of banks as well as payment firms for international money and security transfers. Its cryptocurrency token is called XRP which works as an intermediary between two currencies or networks.

Ripple makes use of a consensus mechanism and is preferred by customers worldwide due to its energy-efficient operations, speed and cost-effectiveness.

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