Ripple is looking to provide one billion XRP in grants to developers. The new grant built on the company’s XRPL Grants program was introduced in 2021 and will help open source projects built on the XRP ledger.
The developer incentive would be aimed at supporting open-source apps on the XRP ledger, which is designed to help businesses with remittances. RippleNet, an XRPL-based remittance system, has established a strong presence in the Asia Pacific region.
With the support of the XRP ledger, Ripplenet provides a real-time gross settlement system, currency exchange, and remittance network. The remittance platform has teamed up with hundreds of institutions to create its own payment network.
According to the current XRP pricing, the entire value of the grant is around $794 million, of which the firm has provided a total of $6 million in funding to over 50 initiatives so far. Developers interested in building on XRPL would receive financial, technical, and business assistance from the company.
About the new developers grant
Ripple’s new developer grant would be distributed over the following ten years. To encourage and onboard developers, the company would host a series of boot camps.
The nonfungible token and federated sidechains were the emphases of the first two waves of the XRPL award, while the third wave intends to onboard open source applications onto its ledger.
Despite a pending security lawsuit in the United States, Ripple has been able to spread its cross-border payment system outside of the United States.
Ripple’s remittance technology has grown in popularity in recent years, owing to its advantages over traditional payment gateways in terms of low cost and rapid transactions.
The Clearing House, a Ripple partner, is in talks with Wells Fargo to build a SWIFT alternative, according to a recent article.