For any business enterprise, a lawsuit from the Securities and Exchange Commission is nothing short of a death sentence. However, the opposite seems to be true for Ripple Labs. Last year, SEC filed a lawsuit against two top Ripple executives for dealing in unregistered securities in the form of XRP tokens. At the start of the lawsuit, many exchanges delisted the token to escape getting entangled with SEC.
Despite all the opposition and antagonism, the XRP token has managed to remain in the top ten cryptocurrencies by market cap. Recently, the developers at XRP ledger have been cited for offering a massive XRP cache to independent programmers. The designated XRP will keep generating revenue for the next decade and support countless new projects on the network.
Ripple’s Grant Award
Ripple Labs is making important moves under the pretext of another bullish wave hitting XRP prices recently. The company has made its presence felt in the XRP community by announcing a 1 billion grant for developers. The reward will be paid in the form of XRP tokens and valued at $830 million at the current market value, which is expected to increase in the future.
According to the announcement from Ripple Labs executives, the grant is seeking to promote more open-sourced projects on XRP Ledger. The grant will fund and support the developers who can provide Ripple Labs with commercial remittance support. The reward in question is going to become available for the selected project over 10 years dedicated to supporting business and programming activities.
Thus far, 50 projects are supported on XRP Ledger with a collective sum of $6 million in operating costs. In addition to the focus on one big grant, Ripple Labs is also planning to organize hackathons and boot camps that will raise awareness and invite more developers to work with the network. According to more details, the first phase of the grant will focus on side-chain projects and NFT markets.
On the other hand, the second phase of the $830 million grant will be used to make the project into open-sourced code on the ledger. The data projections from TradingView indicate that Ripple Labs is all set to reclaim $1 after a consistent price rally. After gaining $0.84 in the last ten days, the total market cap of the XRP ledger stands at $40 billion. In Asian markets, Ripple has already started to make progress with its native enterprise remittance program called RippleNet.