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- XRP President Monica Long has announced plans to establish a new and independent XRP Ledger Foundation.
- The XRP Ledger Foundation has rebranded itself as the Inclusive Financial Technology Foundation (INFTF) to reflect a broader focus beyond a single technology.
In a recent update on the X platform, XRP President Monica Long announced plans to build a new and independent XRP Ledger Foundation. As we know, the XRP Ledger Foundation looks after the growth and development of the XRP Ledger, which is now renamed the Inclusive Financial Technology Foundation (INFTF).
An XRP Ledger community member had inquired with Ripple Labs about its future plan to end the XRP Ledger Foundation amid this new development. Furthermore, the XRP Ledger community member sought to know Ripple’s plans for supporting the XRP Ledger and the measures taken to ensure the continued stability, decentralization, and innovation of XRPL.
Hi Jungle, thanks for your questions. As Bharath and David mentioned, 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…
— Monica Long (@MonicaLongSF) August 7, 2024
The Ripple President reflected on the sentiment of the Ripple CTO while clarifying that discussions are underway with different stakeholders, such as XRPL Labs, XRP Ledger Foundation, Ripple, and XRPL Commons, to establish a new independent XRPL Foundation that stays separate from the new INFTF entity.
Ripple CTO David Schwartz also suggested that the company is in talks with the XRPL entity to determine the best way to form the Foundation, which would serve the best interests of its community and XRP Ledger.
Rebranding the XRP Ledger to INFTF
Earlier this week, on Tuesday, August 6, the XRP Ledger Foundation announced its rebranding to a new name of INFTF — a backronym for Inclusive Financial Technology Foundation (legally InFTF MTU). Explaining the reason behind this rebranding, XRP Ledger Foundation noted:
As we get deeper into the execution of our goals, it has become apparent to us that being tied to any one technology is restrictive. Very often there could be a solution that is completely outside of what is expected from an organisation known as The XRP Ledger Foundation.
This development comes just ahead of the XRPL testnet enhancement, which, per the Crypto News Flash report, aims to improve the platform’s efficiency and stability. The XRP Ledger Foundation announced that it collaborated with different international organizations over the last year. Currently, it is an associate member of the Organisation for Southern Cooperation, which comprises 28 member countries.
On the other hand, Ripple settled its lawsuits with the US SEc on Wednesday, following a $125 million penalty announced by Judge Analisa Torres for violating securities laws for the XRP sales to institutional players, reported CNF.
This led to a sharp increase in the XRP price, surging more than 20% and moving past $0.674. Amid the current market recovery, analysts are predicting that XRP could rally further to $1 and beyond, reported CNF.
