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Ripple Granted $2 Million To Promote XRP Ledger NFT Solutions

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Ripple Granted $2 Million To Promote XRP Ledger NFT Solutions


Ripple granted $2 million to promote the XRP ledger and NFT solutions despite having issues with the SEC at the moment and not being the most beloved company in the crypto space. But in today’s Ripple news, we find out which were the lucky companies that received some of the funding.

RippleX, Ripple’s branch focused on boosting the development of the technologies around the XRP ledger which announced the first wave of grants and it is embracing the NFT mania. As per the announcement, the branch of Ripple granted $2 million in total value among 25 applicants from 10 different countries. The main focus of the applications was the development of open-source projects that are dealing with the NFTs on the XRP Ledger or XRPL.

XRPL encompasses everything that we consider the XRP ecosystem and it is an evolution of the former Ripple Consensus Ledger with its former products xRapid, Current, and xVia being merged into what we now know as the Ripple Net that gathered more than 200 countries by 2019. Ripple’s focus point was to offer a fast and cheap payment network as it seems the developers are looking for more ways to squeeze the potential out of the blockchain and adapt it to new times. NFTs are an odd use case for the XRP ecosystem despite the popularity and mentioned that it recieved over a hundred proposals.

The most interesting ones however were from the art industry, music, retail, sports, and digital advertising. XRPL could increase the user base and could start serving certain enterprise customers in areas like identity, advertising models, supply chains, and more. Some of the companies that got the money were, Aquarelle from Australia, Anchian.AI from the US, Bithompt from Sweden, CarbonLand Trust ESG from the US, Cryptoisso20022 from Switzerland, and Cryptoum from Brazil.

As recently reported, The Royal Monetary Authority which is Bhutan’s central bank, joined forces with Ripple to launch a new digital version of the national currency and the institution anticipates the pilot program to boost teh country’s financial inclusion by 85% in the next two years. The enterprise blockchain provider Ripple announced it will enable the central bank of Bhutan to employ the network to pilot the new central bank digital currency. Ripple pointed out that the network will provide central banks with more control over the issuance, privacy, management, and validation than they would get with teh public blockchains.

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