XRP Ledger Foundation raises $ 6.5 million in investment capital

The investment capital is to be used via the Foundation as funding for the improvement of the XRP ecosystem.

The newly established XRP Ledger Foundation has received $ 6.5 million in investment capital from Ripple, Coil and GateHub

The non-profit organization was founded with the aim of advancing the development of the XRP Ledger, which is the blockchain on which the associated cryptocurrency XRP is based.

All three donors built their projects on the XRP blockchain. As it is said in media reports, the newly created foundation is to promote the further development and optimization of the XRP infrastructure, which is why particularly scalable and sustainable projects are to be supported.

The Foundation wants to create a checklist on which the performance of the network validators is evaluated. In addition, the development of tools is to be supported that improve accessibility for both developers and users. According to Ripple CTO David Schwartz, the board of directors of the XRP Ledger Foundation is made up of many familiar faces of the XRP ecosystem, including XRPL developer Wietse Wind.

Bharath Chari, an economic advisor to XRP Ledger, said:

“The Foundation is excited to work with ecosystem stakeholders to drive the innovation and use of the XRP Ledger. We have made it our business to support the further development as much as possible. „

Furthermore, an “XRP Community Fund” is to be set up, ie a pot that is independent of the Foundation and provides funding for certain projects and the adoption of the XRP blockchain. The Foundation hopes to raise further funding going forward to work with the wider community, including academic institutions and other non-profit organizations, to address the challenges of the future.

Although the performance of the cryptocurrency XRP has been relatively subdued so far this year, operator Ripple has made great strides in forging new partnerships with banks around the world. Just a few days ago Ripple announced that a partnership with the HDFC, India’s largest private bank, had been bagged.