Ripple will give out 1 billion of its XRP tokens as grants for developers to create financial projects based on its payments-oriented distributed ledger, the company’s representatives told The Information. Based on the value of the digital currency, XRP, that translates to $794 million in tokens, which Ripple says it will disperse over the next 10 to 20 years.
The San Francisco-based crypto startup, valued at $15 billion in January after it bought back all the shares it sold in its Series C funding round, runs a cross-border payments network in addition to backing the XRP token. These tokens, once the third-most popular digital currency by market cap, dropped to No. 6 after U.S. securities regulators sued Ripple in December 2020.
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