Ripple’s blockchain firm is one of four members who founded the newly incorporated XRP Ledger Foundation.
The organization was founded on November 26th in France with the goal of unifying and governing the broader XRPL eco-system. This foundation brings Ripple together with XRPL Labs and XRPL Commons. It also includes the former XRPL Foundation as well as key members from the XRP Community.
The foundation has a commitment to ensuring the long-term development, security and contributions of the XRPL. Its mission is to cultivate a thriving community that’s inclusive and resilient. Users and developers will be able to build decentralized apps, financial tools and blockchain infrastructure on a platform that is trusted.
The group’s initial focus will be reclaiming assets from the previous XRPL Foundation. Also, it plans to create a governance structure that includes developers, validators and academics, as well infrastructure providers. Key contributors—including XRPL Commons, XRPL Labs, Ripple, and XAO DAO—will guide the foundation through board representation and decision-making roles.
XRPL’s blockchain is gaining popularity for its scalability and low cost, as well as regulatory compliance. Notably, its increasing role in tokenizing Real-World Assets (RWAs), has attracted large institutional players, like SG FORGE the crypto division from Societe Generale.
Bitwise XRP Fund Support
Meanwhile, Ripple is also ramping up support for XRP through a strategic investment in Bitwise’s newly rebranded Physical XRP Exchange-Traded Product (ETP).
The product, formerly known as ETC Group Physical XRP exposes European Investors to XRP by way of a structured holding the token.
Bitwise CEO Hunter Horsley emphasized XRP’s reputation as one of the most recognized and reliable blockchain networks. He also added:
“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities.”
Brad Garlinghouse of Ripple echoed these sentiments, noting an increase in the global demand for cryptocurrency-backed investments products. Recent regulatory clarification in the US is likely to accelerate this trend. This will further increase interest in Bitwise PhysicalXRPETP.
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