Ripple is handing out 1 billion XRP to developer exchanges

Ripple, the enterprise payment technology company, plans to hand out one billion XRP in grants to developers. The newly announced grant is an extension of the company’s 2021 XRPL Grants program.

The developer grant would be aimed at encouraging open source projects on the XRP ledger, built to aid enterprise transfers. Ripple has built a strong foothold in the Asia-Pacific region through its XRPL-based remittance technology called RippleNet

Ripplenet offers a real-time gross settlement system, currency exchange and remittance network using the XRP ledger. The remittance platform partners with hundreds of banks to build its own payment network.

The total value of the grant is approximately $794 million at the current XRP award, of which the company has awarded a total of $6 million in funding to more than 50 projects to date. The company is said to provide financial, technical and business assistance to developers looking to build on XRPL.

Related: Moves Rejected For Both SEC And Ripple As The Battle Continues

Ripple’s new developer exchange would be released over the next decade. The company would host a number of boot camps to encourage and onboard developers. The first two waves of the XRPL grant focused on the non-replaceable token and federated sidechains, while the third wave focused on including open source projects in the ledger.

Despite the ongoing security lawsuit in the United States, Ripple has managed to expand its cross-border payment technology outside the US

Ripple remittance technology has become quite popular in recent years due to its advantage in terms of low fees and instant transactions over the traditional payment gateways. According to a recent report, Ripple partner The Clearing House is in talks with Wells Fargo to develop a SWIFT alternative.

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