More On: ripple lawsuit update
In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
Popular blockchain startup Ripple is handing away one billion XRP tokens as part of its active commitment toward aiding project developers who utilize its payment-focused network.
This equates to a grant of almost $790 million for native developers at the time of this writing. In the next 10 to 20 years, according to the information obtained by Finbold from The Information on March 16, the monies will be disbursed.
An increasing number of developers have been establishing applications using the open-source development platform XRP Ledger (XRPL), therefore the business decided to award the prize.
A grant program for companies was introduced in 2021, and Ripple's newest investment adds on that initiative. A total of $6 million in funding was provided to more than 50 open-source projects as part of this program.
There is an accelerator program, actions to encourage decentralized financing (DeFi), and an effort with colleges to promote submissions for funding from developers in underprivileged areas and backgrounds.
As far as blockchain-related companies go, Binance and Polygon aren't the only ones offering financing schemes for homegrown developers (MATIC).
The Ripple ecosystem continues to flourish despite regulatory challenges.
Consider also that the $250 million Ripple Creator Fund has already attracted 4,500 developers under various non-fungible token (NFT) initiatives. Individuals like graphic artists, game designers, and singers are among those that benefit from the program.
In other places, Ripple has been in the news a lot recently because of the lawsuit filed by the Securities and Exchange Commission of the United States (SEC). More than $1.3 billion in unregistered XRP tokens were traded between 2013 and December 2020, according to a complaint filed against the business.
This morning, the price of Ripple Labs' XRP coin was $0.79, up 7.59 percent from a week earlier when it was $0.73, according to statistics from CoinMarketCap.
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