Ripple will be committing 1 billion XRP to help with development and new use cases on the XRP ledger, according to a press release Thursday (March 17).
This is an extension to the XRPL Grants program, which rolled out in 2021 and has awarded $6 million to open source projects built on the ledger.
This comes as developers using XRPL look to build and scale apps on the ledger, mostly because of the speed, scalability and carbon neutrality.
Ripple plans to provide support to introduce developer programs, and over the next 10 to 20 years, the XRP donated will be disbursed to developers who are looking to build and scale their apps.
The fund’s programs are specifically tailored to training and mentoring projects developed by the XRPL community, including an accelerator program to give support for businesses, DeFi support, diversity and inclusion funds and partnerships, and sustainability programs.
“The developer community has seen a tremendous growth and passion for building on the XRP Ledger that has only increased since the launch of the XRPL Grants program last year,” said Monica Long, general manager of RippleX at Ripple. “With this new expansion, we are committing to participating in and supporting the developer community long-term. As the community grows, and the infrastructure and apps ecosystem matures, we are also excited about the opportunity for RippleNet customers to benefit from the community’s offerings and vice versa.”
PYMNTS wrote about XRP recently, noting that it’s the crypto “most deeply involved” with the payments industry.
Ripple uses XRP to power its network of banks and money transmitters, using that to bypass financial messaging service SWIFT and transfer funds internationally at low prices.
The company is basically the only user of the XRP Ledger, the open-source distributed blockchain where all 100 billion XRP tokens were pre-mined.