Ripple Gives Away XRP In An Effort To Get More People To Use It
The crypto space is not that appealing to everyone and entering it can become quite a challenge for some.
There are lots of massive corporations and businesses which are not at all interested in experimenting with cryptocurrencies for the moment, even though various essential names are becoming involved in the crypto game.
Ripple seems to have its very own approach for broader acceptance. They seem to be giving away XRP to try and get more people to use the crypto.
Ripple’s XRP currency targets the financial sector, facilitating cross-border payments.
Banks and service providers can reduce costs and provide near-instant transactions. XRP also has benefits for consumers such as lower fees and quick transactions as well.
Ripple’s goal is to get as many people to use XRP, and some recent giveaways have been quite impressive.
We’re referring to the 50 million XRP donated to a charity to help out schools that are struggling financially. Ellen DeGeneres’ wildlife fund also received $4 million XRP from actor Ashton Kutcher.
Ripple controls more than 55 billion XRP tokens, and they’re kept in time-locked contracts. Every month, one of these contracts expires and frees up capital to sell to financial service providers or spend it otherwise.
The point is that the recipients are unlikely to use XRP themselves.
Currently, Ripple is paying companies to start using XRP, and they launched a fund containing $300 million, called the RippleNet Accelerator Program, to make these payments to companies.
Distributing tokens is beneficial in more ways
For starters, giving away XRP polishes the company’s image. At the same time, giving away millions of tokens to charity does not provide new consumer-oriented use cases for the token.
An asset that was designed for banks is mainly designed to be used by these entities. This whole thing attracts the media’s attention and investors’ interest.
Ripple’s recently launched $300 million fund to get companies to use the crypto will probably lead to new use cases.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.