Relying on the prowess of an asset alone to make its adoption a reality is far from enough on Ripple’s side. Therefore the XRP Ledger Foundation project was born in order to better serve the interests of the protocol. The non-profit organization will be responsible for supporting the development and accelerating adoption of XRP worldwide. Officially launched on September 24, 2020, it has notably received financial support from several institutions in the sector.
Extend and Accelerate XRP General Ledger Adoption
The growth, innovation and development of the XRPL and XRP community are all objectives set by the Foundation XRP Ledger. To do so, she will be able to count on the support of industry leaders, academics and members of the community. In addition, there are many grants from the money transfer company Ripple or the crypto-wallet service provider GateHub. These are so nearly $ 6.5 million that has already been raised under this grant. The structures of the banking and financial sectors in general are also expected as providers of funds to support the foundation.
One of the main missions of the XRP Ledger Foundation is to expand and accelerate adoption of its dedicated ledger while improving the underlying technology. It has also gained enormous credibility with financial institutions, which use it in particular to facilitate instant cross-border transactions at a lower cost. The foundation will also work to support community initiatives, help developers strengthen the ecosystem while guaranteeing their capital. This last point seems to be already on the right track to believe Wietse Wind, one of the foremost XRP developers. The latter notably said that a group of subsidized developers would already work exclusively for XRPL.
The creation of a community fund dedicated to XRP
In order to bring a formal commitment to the community and to get closer to it, the foundation would also work to create a community fund dedicated to XRP. Ripple Technical Director, David Schwarz has also expressed this desire while recalling that the foundation would pursue the objective of improving the ecosystem. ” We and the community have been working for the past 8 years to dramatically increase the decentralization, performance and functionality of the XRP ledger and we remain committed to its future growth and innovation “, did he declare. All of these commitments made by the foundation have naturally aroused great enthusiasm within the community, which is now impatient to see it at work.
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The community fund set up by the XRP Ledger Foundation is expected to operate independently while primarily focusing on promoting the adoption of XRPL. For its part, the foundation is increasing its initiatives in order to mobilize additional funds to finance its activities and meet its commitments.