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The new XRP Ledger Foundation 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, the blockchain on which the XRP token runs.
All three platforms that raised the funds were built on XRP Ledger. According to reports, the foundation aims to improve and develop the XRPL infrastructure and promote scalable and sustainable practices on the platform.
The foundation also seeks to create an objective list of checkboxes to assess the validator’s performance and support the development of tools to improve accessibility for both developers and users. According to Ripple’s CTO David Schwartz, the board of directors of the XRP Ledger Foundation includes many familiar faces, such as Wietse Wind, an XRPL developer.
XRP Ledger Foundation Advisor Bharath Chari said, The Foundation is extremely happy to work with ecosystem stakeholders for further innovation and use of XRP Ledger. We are committed to providing full support to the growth of the developer ecosystem. “
The announcement also details the creation of a “Community XRP Fund”, which will operate independently of the foundation and will focus on events and promoting the adoption of XRPL. The foundation is also seeking additional funding to work with the wider community, including academic institutions and nonprofits to address challenges for years to come.
Although XRP’s market performance has been relatively small this year, Ripple has made great strides in partnering with banks around the world. Just two days ago, Ripple announced that it has partnered with HDFC, India’s largest private sector bank, to enable faster and cheaper transactions using XRPL.
