Ripple, a payment technology company for businesses, plans to allocate 1 billion XRP in grants to developers. The recently announced scholarship is a continuation of the company’s XRPL scholarship program launched in 2021.

The developer grant aims to encourage open source projects on the XRP ledger that were created to help companies in the money transfer industry. Ripple has a strong foothold in the Asia-Pacific region with its XRPL-based money transfer technology called RippleNet.

Ripplenet offers an aggregate settlement system in real time, currency exchange and money transfer network through the XRP ledger. The money transfer platform has partnered with hundreds of banks to build its own payment network.

The total value of the grant is approximately $ 794 million, in line with the current price of XRP, of which the company has allocated a total of $ 6 million so far to fund more than 50 projects. The company will provide financial, technical and commercial assistance to developers wishing to use XRPL.

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A new Ripple Developer Scholarship will be released over the next decade. The company will host a series of boot camps to encourage developers to come on board. The first two waves of XRPL grants focused on non-fungible tokens and standardized side chains, while the third wave aims to integrate open source projects into its own ledger.

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

Ripple money transfer technology has become very popular in recent years due to the benefits of low cost and instant transactions compared to traditional payment gateways. According to a recent report, Ripple partner The Clearing House is in talks with Wells Fargo to develop an alternative to SWIFT.

Source: CoinTelegraph