Developer awards of 1 billion XRP will be distributed by Ripple.

    The first two waves of the XRPL grant have offered $6 million in funding to 50 open source projects built on the XRP ledger.

    Ripple (XRP), the enterprise payment technology company, plans to give out one billion XRP in grants for developers. The newly announced grant is an extension of the company’s XRPL Grants program, which was launched in 2021.

    The developer grant would be focused on encouraging open-source projects on the XRP ledger built for enterprise remittance assistance. 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 with the help of the XRP ledger. The remittance platform has partnered with hundreds of banks to build a payment network of its own.

    According to the current XRP price, the total value of the grant is about $794 million, out of which the firm has awarded a total of $6 million in funding to over 50 projects to date. The firm would offer financial, technical and business assistance to developers looking to build on XRPL.

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