Ripple is offering one billion XRP tokens to developers who build applications on its blockchain as part of its ongoing ecosystem development.
Approximately $ 790 million will be awarded to native developers over the next 10 to 20 years.
XRP Ledger (XRPL) CEO Monica Long explained that the decision to offer funding was an outcome of a growing number of developers working on web-based projects.
As part of the startup grant program that launched in 2021, more than 50 open-source projects have received more than $6 million in funding from Ripple.
The fund blends an acceleration programme, decentralised finance (DeFi) activities and an initiative that involves universities to promote funding applications among developers from marginal communities and backgrounds.
The Ripple Foundation is not the only blockchain company providing developers development funding. Binance and Polygon (MATIC) are also doing the same things.
According to previous announcements, Ripple is assisting more than 4,000 artists via various NFT projects as part of its $250 million Creators Fund. Among the recipients are graphic designers, game designers, musicians, and others.
Ripple has repeatedly been in the news due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC accused the company of selling unregistered XRP tokens worth $1.3 billion between 2013 and December 2020.