Ripple Boosts XRP Ledger Development and Invests in Bitwise Fund
By: Isha Das
In a significant move for the community, Ripple has announced its role as a founding member of the newly established XRP Ledger (XRPL) Foundation. Launched in France on November 26, the Foundation aims to unify and govern the XRPL ecosystem with an eye on enhancing its longevity and security. The core mission of this organization is to foster a dynamic and resilient community, offering a platform for developers and users to create decentralized applications, financial tools, and blockchain infrastructure.
The XRPL Foundation brings together Ripple, XRPL Labs, XRPL Commons, and various influential figures from the XRP community. Its initial focus will involve reclaiming resources from the old XRPL Foundation and creating a governance model that represents developers, validators, users, academia, and infrastructure providers. With representation from key contributors such as XRPL Commons, XRPL Labs, Ripple, and XAO DAO, the Foundation aims to provide strategic direction through board roles and decision-making capacities.
The XRPL blockchain continues to garner attention due to its robust scalability, cost-effectiveness, and compliance with regulatory standards. It has been notably gaining traction in tokenizing real-world assets (RWAs), attracting significant institutional players like SG-FORGE, the crypto division of Societe Generale. This adds another layer of credibility to the enduring trust and reliability associated with the XRPL network.
Additionally, Ripple has intensified its support for XRP through a strategic investment in Bitwise's rebranded Physical XRP Exchange-Traded Product (ETP). Formerly known as the ETC Group Physical XRP, this product offers European investors exposure to XRP underpinning a physically backed structure. Bitwise CEO, Hunter Horsley, highlighted the XRP Ledger as one of the most recognized and reliable blockchain networks, boasting a decade-long track record in reliability. The enhancement of its capabilities strengthens its position in the market even further.
Ripple CEO Brad Garlinghouse echoed Horsley’s sentiments by acknowledging the increased global demand for crypto-backed investments, fueled by clearer regulatory guidelines in the United States. This is expected to further bolster interest in products such as the Bitwise Physical XRP ETP, reflecting the growing appetite for diversified crypto investment opportunities.
