The newly formed XRP Ledger Foundation has raised $ 6.5 million from Ripple, Coil and GateHub. This non-profit and open organization was created with the aim of accelerating the development of the XRP ledger, which is the blockchain that the XRP token runs on.
All three platforms that deposit money are built on XRP Ledger. The organization is committed to improving and developing the infrastructure for XRPL and promoting scalable and sustainable practices on the platform, according to reports.
The organization also seeks to create an objective checklist for evaluating the auditor’s performance and developing support tools to improve accessibility to both developers and users. According to Ripple CTO David Schwartz, the board of directors of the XRP Ledger Foundation includes many well-known figures such as Witse Wind, the developer of XRPL.
“The organization is very excited to partner with ecosystem stakeholders to further develop and use the XRP Ledger. We are committed to supporting the development of the developer ecosystem, ”said XRP Ledger Foundation advisor Bharath Chari Foundation.
The announcement details plans to create an “XRP Community Fund” that will operate independently of the organization, focus on activities and facilitate XRPL adoption. The foundation is also seeking additional funding to work more broadly with society, including academia and non-profit organizations, to meet the challenges of the coming years.
While the XRP market has performed relatively poorly this year, Ripple has made great strides in working with banks around the world. Just two days ago, Ripple announced a partnership with HDFC, India’s largest private bank, to enable faster and cheaper XRPL transactions.