Ripple to allocate over $794 million to XRP Ledger ecosystem development program

Ripple will allocate 1 billion XRP (~$794.24 million) in grants to developers of the XRP Ledger ecosystem. The incentive program runs through 2044.

📣Today, @Ripple is committing 1B XRP to expand #XRPLGrants.

This funding will help launch:
🏃‍♂️ An accelerator program
💲 A #DeFi program
🫂 A Diversity & Inclusion fund
♻️ A sustainability program
🏅 An expanded Grants judging committee

Learn more 👇 https://t.co/OcgAjR04j5

— RippleX (@RippleXDev) March 17, 2022

That initiative is an evolution of XRPL Grants, launched in 2021. Under the latest round, Ripple has already distributed $6 million among 50 open-source projects focused on NFTs and federated sidechains. Applications for the third wave grants are being accepted until March 28.

According to the announcement, the company sets the following goals:

• creating an accelerator, within which XRPL-based projects will receive financial and advisory support, including training and mentoring;
• developing the XRPL DeFi ecosystem;
• establishing a foundation that will work with universities — the company believes this will boost the influx of talent into the ecosystem. The structure will also work with organisations representing minority interests;
• launching a sustainable development program;
• expanding the XRPL Grants jury to ensure a diversity of viewpoints in evaluating projects.

On the initiative’s website it says that grants can be applied for by teams building foundational technologies and user-oriented products. In particular, Ripple highlighted sidechains, NFTs, infrastructure and network security-related projects, as well as developer tools. The company emphasised that its interests are not limited to this list.

As the SEC’s case against Ripple continues, Brad Garlinghouse suggested a favourable resolution of the dispute in 2022.

Joseph Hall, a former SEC policy director, said the odds of the agency losing the case were high.

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