Ripple, a cryptocurrency payments company, has announced that it will award 1 billion XRP as part of a grant program to promote up-and-coming developers for the open-source XRP Ledger.
The company’s XRPL Grants program, which began in 2021, will be extended with the additional grant.
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 XRP trading at $0.812 at the time of writing, the entire value of the grant is around $812 million, and the firm has already awarded $6 million in funding to over 50 initiatives.
Ripple’s new developer stipend would be distributed over the following ten years. To encourage and onboard developers, the company would host a series of boot camps.
The first two waves of the XRPL grant focused on nonfungible tokens and federated sidechains, with $6 million in funding going to 50 open source projects built on the XRP ledger, while the third wave intends to onboard open source projects onto the XRP 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 over the last several years as a result of its lower costs and faster transactions than traditional payment gateways.
Ripple’s shared aim with the developer community to help build the Internet of Value by bringing enhancements and new use cases to blockchain technology, specifically the XRPL, is furthered through the XRPL Grants program.