San Francisco-based firm Ripple announced its 1 billion XRP fund to use in the XRPL acceleration program.
Ripple is a San Francisco-based Fintech firm, which is known to provide better payment services to global businesses. Ripple is that crypto project, which is using its whole resources of blockchain technology for only a better payment system. Alternatively, we can say that Ripple is that company, which is pushing the world to use blockchain technology.
On 17 March, RippleX published its blog on the planning of XRP ledger-based development works, which are focused to work on the development of Defi.
For this initiative, Ripple will reserve a total of 1 billion XRP tokens to increase the technology support to financial services by 10 fold.
“This 1B XRP will provide 10x the financial, technical, and business support to all kinds of developers.”
With this effort, the Defi industry will enter in the Defi ecosystem but what will be the nature of its Defi ecosystem, is not confirmed yet.
This accelerated fund will also contribute to the fight against environmental issues caused by blockchain technology-based operations.
The last main thing on which Ripple will focus is the ” judging committee”
“Growing the panel of XRPL Grants program judges to ensure diverse viewpoints and expertise when evaluating projects,” the blog stated
So overall, this committed fund support will go for development, expansion of its resources and also to train and educate its partners & clients to use its resources at a better level.
Ripple vs SEC
Ripple’s native token is XRP and this token is standing at 6th rank by 24 hours trade volume. This coin was expected to surge and hit $10 during the last year’s pump but failed because of the lawsuit filed by the US securities and exchange commission (SEC) against Ripple.
According to the SEC agency, XRP token is a security and it is unregistered with the SEC agency, so Ripple did wrong with the use of XRP and its sale publicly.