Ripple, the famous fintech firm and major crypto player, and creator of the XRP token, has revealed that it has developed the latest standard protocol called “XLS-20”.
The new standard protocol is designed to help interested developers build sophisticated and innovative NFT applications on the XRP ledger platform.
As per the report from Ripple, the latest XLS-20 will help equip the XRP Ledger with the features and functions it needs to create multi-purpose systems and enhance the XLS-20 standard, which already has built-in native token capabilities.
Meanwhile, the latest standard was launched a couple of months after Ripple first announced a $250 million fund to support developers interested in developing and monetizing innovative NFT experiences within the XRP Ledger ecosystem.
Increased Funding for Projects
To signify the importance of the funding, the Ripples Creator Fund disclosed that it had received 4,000 applications soliciting financing of projects in the NFT and Metaverse related spaces.
XRP Ledger (XRPL) offers a wide range of NFT-related services. The firm looks to provide more opportunities for expanded tokenization to include those building on the ecosystem and support further development of the XRPL.
As reported by CryptoGlobe, Ripple is committed to strengthening the XRPL, which explains why it contributed 1 billion worth of XRP tokens as an extension of the XRPL funds, which were established last year.
Ripple’s Direction for Growth
Ripple has announced that it is set to boost the funding program of the XRPL by providing technical, business, and financial support as part of its drive to expand the developer’s community.
Additionally, the 1 billion XRP Tokens already donated by Ripple are to be disbursed to developers over the next couple of years to help them build and scale their applications to enterprises hosted on the XRP Ledger.
Ripple is a multi-dimensional company that is into developing and promoting the XRP digital currency alongside the software hosting it. Ripple uses the XRP tokens to leverage its value through the RippleNet offerings to provide financial institutions with transaction fees and easy cross-border payment solutions.
RippleNet partners include Bank of America, American Express, Santander, and other top-performing banks.
The company has been a significant player in providing unrivaled financial services solutions to many clients in the mainstream financial sector; not only that, but the firm is an essential player in the crypto industry as well.
Ripple has long been championing the development of alternative projects, especially from new developers. They do this by conducting funding exercises where creative and innovative developers are allowed to partake to emerge as beneficiaries.
Specific qualifications and criteria are to be met by prospective applicants before moving to the next round; applicants with the best pitch are then selected for the final rounds of the funding.
In the meantime, the focus has been on developing new NFT applications to meet the growing demand for better software in the NFT space owing to the rapid growth of the ecosystem.
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