Ripple will invest 1 billion XRP

A popular fintech company and a major player in the XRP market, has announced its committing 1 billion XRP, which adds to around 800 million dollars, to acceleration of development and new use cases on the XRP ledger. Company twitted on their Twitter account, that funding will go for expanding XRPL Grants program, which was launched last year and has so far awarded 6 million dollars funding to more than 50 open-source projects built on top of the XRP Ledger. They also added that funding will help launch things, such as an accelerator program, a DEFI program, a diversity and inclusion fund, a sustainability program and an expanded Grants judging committee.

These 1 billion tokens are expected to be disbursed to developers over the next 10-20 years. It is also worth noting, that Ripple is for-profit company that helps promote and develop XRP cryptocurrency. The company leverages the XRP token through its RippleNet offering, which aims to provide banks with low-cost and simple cross-border transactions. Its network included banks like American Express, Bank of America, Santander, and others.

CEO of Ripple, Brad Garlinghouse, said that price of XRP was negatively affected because of the lawsuit against them, which accused them of raising over 1,3 billion dollars through an unregistered securities offering. Court decided to deny the US SECs motion to strike, which Brad says it is a huge win for them.

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