Ripple Invests Almost $800M to Develop XRP Ledger Ecosystem

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Fintech company Ripple will provide 1 billion XRP or about $794.24 million in grants for developers of the XRP Ledger ecosystem as part of an initiative that will run until 2044.

The initiative is a development of XRPL Grants launched in 2021. As part of it, Ripple has already distributed $6 million among 50 open source projects focused on NFTs and federated side-chains. Applications for grants of the “third wave” are accepted until March 28.

According to the announcement, the company intends to create an accelerator within which XRPL-based projects will receive financial and consulting support, including training and mentoring, develop the XRPL DeFi ecosystem and establish a fund that will cooperate with universities, among other things.

The website of the initiative states teams that create basic technologies and user-oriented products can apply for grants. In particular, Ripple has noted side-chains, NFTs, infrastructure and network security-related projects, as well as developer tools. The company has emphasized the scope of its interests is not limited to this list.

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