Bitrabo Editorial
The XRP Ledger Foundation is undergoing a major transformation into the Inclusive Financial Technology Foundation (INFTF). This strategic shift signifies a broader mission to promote global financial inclusion through a variety of financial technologies and marks the end of the previous entity responsible for overseeing the XRP Ledger (XRPL).
Transition of XRP Ledger Foundation
The rebranding was officially announced on the new INFTF website, with Bharath Chari, a board member, explaining that the foundation’s name was perceived as limiting due to its association solely with XRP technologies. The expanded scope of INFTF involves collaborating with the Organisation of Southern Cooperation to enhance digital infrastructure and financial inclusivity in 28 member countries. This partnership aims to implement technologies that address specific challenges faced by these regions, utilizing INFTF’s expertise in blockchain and related fields.
The foundation’s restructuring involves reallocating responsibilities traditionally held by the XRP Ledger. Assets like the XRP trademark, code repository, and domain are to be transferred to a new entity to ensure the ledger’s continuous maintenance by those most invested in its success.
Bharath Chari emphasized the opportunity for various stakeholders, including Ripple, validators, node operators, and community-driven organizations, to collaborate in maintaining the ledger’s assets. This shift aims to address the community’s expectations more effectively.
Responses from Ripple
The changes in the XRP Ledger Foundation have sparked discussions, with Ripple executives offering insights. Monica Long clarified that discussions are ongoing for a new independent XRPL foundation separate from the INFTF establishment. David Schwartz highlighted collaborative efforts with community stakeholders to ensure the ledger remains a valuable part of the crypto ecosystem.
Community responses have varied, with a focus on how the new foundation will operate independently from Ripple and INFTF. Support for the reorganization has been expressed by community members like Wrathof Kahneman, emphasizing a shared responsibility approach for the XRPL’s future.
As of the latest updates, XRP is trading at $0.5107.