As a seasoned crypto investor with a decade of experience under my belt, I’ve witnessed numerous rebrandings and pivots within the industry. However, the transformation of the XRP Ledger Foundation into the Inclusive Financial Technology Foundation (INFTF) is an intriguing development that I find quite promising.
The XRP Ledger Foundation is changing its name to the Inclusive Financial Technology Foundation (INFTF), marking a shift in strategy. This change signifies an expansion of their mission, aiming to use various financial technologies to foster global financial inclusivity. Essentially, this move dissolves the previous organization that oversaw the administration and governance 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.
In simpler terms, he pointed out that this viewpoint might restrict the foundation from exploring diverse technological options in the fintech sector. To broaden its horizons, INFTF has partnered with the Southern Cooperation Organization, a group of 28 countries committed to improving digital infrastructure and promoting financial access within their regions. This partnership aims to deploy fintech solutions tailored to the distinct difficulties these nations encounter, utilizing INFTF’s knowledge in blockchain technology and more.
The transition of the foundation involves a significant shift in duties usually connected with the XRP Ledger, as stated in the declaration: “It’s clear that XRP and the XRP Ledger share a strong bond due to their common asset name. This expectation from the community has always been greater than what the Foundation could deliver.”
To guarantee the continued maintenance of the XRP ledger by those committed to its success, key assets like the XRP trademark, the original code repository, and the xrpl.org domain will be transferred to a different entity.
“Chari stated that it’s now possible for key players like Ripple, validators and node operators, community organizations, and even the community itself (perhaps through a Decentralized Autonomous Organization or DAO) to unite and take charge of what the Foundation is currently responsible for managing.”
Reactions From Ripple
The proposed dissolution of the XRP Ledger Foundation has sparked debates within the community, prompting comments from notable figures at Ripple. Monica Long, President of Ripple, responded to Jungle Inc.’s concerns by stating, “Additional information will be shared soon, but for now, let me clarify: The discussions with XRPLF, XRPL Labs, XRPL Commons, and Ripple involve the creation of a new, independent XRPL foundation. This is distinct from the INFTF organization that Bharath previously mentioned.”
David Schwartz, Ripple’s Chief Technology Officer, also emphasized collaborative conversations with different community members such as XRPL Labs and XRPL Commons. “Our collective goal is to develop a systematic method to sustain the ledger and its environment,” Schwartz stated, “in order to keep it dynamic and valuable within the broader cryptocurrency market.”
As an analyst within the community, I’ve observed diverse responses regarding the new foundation, particularly in relation to its independence from Ripple and INFTF. A respected figure, Wrathof Kahneman, has shown endorsement for this reorganization: “I believe that the XRPLF was tasked with a lot without much backing, which is challenging. The connection with Ripple appeared awkward. Therefore, I think this is a strategic move to progress and distribute responsibility for the XRPL among everyone.”
At press time, XRP traded at $0.5107.
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2024-08-07 16:11