Blockchain company Ripple’s XRP Ledger Grants Program has launched its sixth wave, presenting an opportunity for developers worldwide to create innovative financial projects on the XRPL blockchain.
The Grants Program aims to tackle financial inequities, streamline traditional financial processes, and explore new use cases for the XRPL, focusing on Wave 6 on projects that address these goals.
Big news for developers building innovative Web3 financial projects:
Applications for #XRPL Grants [Wave 6] are now open through June 18, 2023. 🟢
Apply now and come build on the XRP Ledger:https://t.co/mQUf5ChT9z
— RippleX (@RippleXDev) April 25, 2023
The application process will be open until June 18, 2023, and is accessible to developers worldwide. Shortlisted applicants will have a panel interview in August, and winners will be announced in September.
The XRPL is a decentralized, energy-efficient, open-source blockchain that offers a wide range of tokenization, settlement and liquidity capabilities, making it an ideal platform for creating new financial use cases.
XRPL’s native functionality includes a decentralized exchange, trust lines and escrow to provide reliability, efficiency, and security for developers building financial applications. Developers looking for a scalable and sustainable option to build financial projects may find the XRPL appealing due to its low-cost and high-performance architecture.
Ripple’s blockchain can settle transactions in 3-5 seconds and process up to 1,500 transactions per second.
The XRPL Grants Program also aids in the integration of NFTs and fungible assets for tokenizing real-world assets, which enables developers to establish digital versions of tangible assets like property or artwork and trade them on the XRPL. This opens up numerous opportunities for financial applications.
Under its XRPL Grants Program Wave 6, Ripple calls for new projects focused on financial equity and inclusion, regenerative finance, decentralized finance, payments, e-commerce and more.
Improving XRPL user experience
On the same day as the Wave 6 announcement, the XRPL also announced a new partnership with Fractal ID to integrate digital identity technology onto the platform. This move aims to improve the know-your-customer and anti-money laundering processes and protocols for XRPL participants.
As a leading provider of digital identity technology, Fractal ID specializes in enabling compliance processes such as KYC and AML. By integrating their solution into the XRPL ecosystem, users can easily onboard and move seamlessly across decentralized apps (dApps), improving interaction with various applications.
One significant advantage of this collaboration is the ability to verify user identity only once, resulting in a more streamlined and user-friendly experience across all the protocol’s dApps. This eliminates the need for users to verify their identity multiple times when using various dApps on the XRPL.
This integration will also benefit developers as they can better serve more users. With anticipated features such as automated market makers, sidechains and hooks to be proposed to the XRPL, developers can leverage Fractal’s digital identity solution across many use cases.
The adoption of Fractal ID’s digital identity technology with XRPL marks a significant milestone for the blockchain ecosystem and its community. This collaboration will help the XRPL ecosystem stay ahead of the curve, ensuring compliance with regulations and providing users with a seamless experience.
Ripple continues to grow amid legal battle
Other than its Grants Program and partnership with Fractal ID, earlier this month, XRP, Ripple’s cryptocurrency, had a four percent surge following the company’s response to the U.S. SEC’s letter of supplemental authority regarding its motion for summary judgment.
Michael K. Kellogg, Ripple’s lawyer, argued that the SEC’s case argument did not apply to the legal battle between the company and the financial regulator. Kellogg contended that the case lacked contemporaneous evidence to support its defense.
He also claimed that the SEC repeatedly offered and then disclaimed vague guidance that differed from the Howey test, a legal proceeding to see whether a transaction is an investment contract, and helped sow regulatory confusion.
In the last month, XRP has been one of the best-performing top 10 assets, outperforming Bitcoin and Ethereum by more than 20 percent, according to CryptoSlate data.