XRP Ledger Foundation Dissolves, Successor Pending
The XRP Ledger Foundation is rebranding itself as the Inclusive Financial Technology Foundation (INFTF). This strategic pivot reflects a broadened mission to leverage diverse financial technologies in promoting global financial inclusion and effectively terminates the old entity that was responsible for the management and control of the XRP Ledger (XRPL).
XRP Ledger Foundation Dissolves
The rebranding was announced through a statement on the newly launched INFTF website, where Bharath Chari, a member of the management board, outlined the rationale behind the change. “In our partnerships with various international bodies, it became increasingly evident that our foundation’s name was perceived as too narrow, aligning us solely with XRP technologies,” Chari stated.
This perception, he explained, potentially limited the foundation’s opportunities to engage with a wider array of technologies and solutions in the financial technology space. As part of its expanded scope, INFTF has joined forces with the Organisation of Southern Cooperation, a collective of 28 countries focused on enhancing digital infrastructure and financial inclusivity within their regions. This collaboration aims to implement financial technologies that can address the unique challenges faced by these countries, leveraging INFTF’s expertise in blockchain and beyond.
The foundation’s transition includes a strategic realignment of responsibilities traditionally associated with the XRP Ledger. “It’s an undeniable fact that XRP and the XRP Ledger are inexorably linked by the name of the native asset. This implies that the community has always expected more from the Foundation than what it was able to provide,” the announcement explains.
The management of key assets such as the XRP trademark, the foundational code repository, and the xrpl.org domain are set to be redistributed to another entity to ensure that the ledger continues to be maintained by those directly invested in its success.
“There is now an opportunity for various stakeholders such as the primary maintainers of the ledger (Ripple), network participants (validators and node operators), community driven organisations, and even the community directly (for example via some sort of DAO as has been suggested by some parties) to come together to maintain the things that the Foundation is currently a custodian of,” Chari announced.
Reactions From Ripple
The quasi-termination of the XRP Ledger Foundation has stirred discussions within the community, leading to responses from high-profile figures from Ripple. Monica Long, President of Ripple, addressed community concerns in a response to Jungle Inc., stating, “more details to come but to clarify for now, the discussions with XRPLF, XRPL Labs, XRPL Commons, Ripple and others are about a new (independent) XRPL foundation — this is different from the new INFTF organization that Bharath mentioned.”
David Schwartz, CTO of Ripple also highlighted collaborative discussions with various community stakeholders, including XRPL Labs and XRPL Commons. “We are collectively focused on establishing a structured approach to support the ledger and its ecosystem, ensuring it remains a vibrant and valuable part of the broader crypto economy,” Schwartz commented.
Community reactions have varied, with significant interest in how the new foundation will operate independently of Ripple and INFTF. Wrathof Kahneman, a respected voice within the community, expressed support for the reorganization: “I think the XRPLF was asked to do everything with little support, a tough situation. The relationship with Ripple has seemed awkward. So I think this is a professional way to move forward and let everyone share responsibility for the XRPL.”
At press time, XRP traded at $0.5107.
Featured image created with DALL.E, chart from TradingView.com
