The XRP Ledger Foundation, a non-profit, announced its official launch on September 24. The Ledger Foundation would be responsible for supporting the development as well as accelerate the adoption of the XRP Ledger across the globe.
Today we launched the XRP Foundation, an independent non-profit, focusing on the growth, innovation, and development of the XRPL and XRP community. With support of industry leaders, academics, and community members, we can ensure XRPL is well-positioned for the future (1/3)
— XRP Ledger Foundation (Official) (@XRPLF) September 24, 2020
The non-profit organization has received multiple grants from several organizations, including the remittance firm, Ripple and content moderation firm, Coil, and the crypto wallet service provider GateHub. The XRP Ledger Foundation also hopes to raise more funds in the near future from other stakeholders of the decentralized space.
The XRP Ledger has grown in popularity within the banking and financial industries, which make use of the ledger for facilitating instant cross-border transactions at a minimal fee.
The XRP Ledger Foundation aims to expand and accelerate the adoption of its dedicated ledger while also improving the underlying technology behind it. Apart from working on the XRP ledger, the foundation would also create a unique node list, support community-based initiatives, and help the developers to strengthen the ecosystem.
The key role of the foundation also includes securing capital for its developers. Wietse Wind, one of the most prominent XRP developers, which is also a member of the Fund's board, suggested that they have already paid developers who would exclusively work for the XRPL.
The foundation would also work to create a dedicated XRP community fund, with the sole purpose would be to bring formal engagement to the community.
The announcements made by the foundation met with great enthusiasm from the community. David Schwarz, Ripple's CTO, commented that Ripple is committed to supporting the growth of XRP ledger, and the foundation would further their goal in enhancing the ecosystem.
David Schwarz said:
“We and the community have worked over the past 8 years to dramatically increase the decentralization, performance, and feature set of the XRP Ledger and remain committed to its future growth and innovation.”