The XRP Ledger Foundation is changing its name to the Inclusive Financial Technology Foundation (INFTF). This strategic change reflects an expanded mission to leverage diverse financial technologies to promote global financial inclusion and effectively terminates the legacy entity that managed and controlled the XRP Ledger (XRPL).
XRP Ledger Foundation Disbands
The rebranding was announced via a statement on the newly launched INFTF website, where Bharath Chari, a board member, outlined the reasoning behind the change. “In our partnerships with various international bodies, it became increasingly apparent that our foundation name was perceived as being too narrow, associating us solely with XRP technologies,” Chari said.
As he explained, this perception potentially narrow the foundation’s ability to engage with a broader range of technologies and solutions in the fintech space. As part of its expanded scope, the INFTF has joined forces with the Organization for Southern Cooperation, a collective of 28 countries focused on improving digital infrastructure and financial inclusion in their regions. This collaboration aims to implement fintechs that can address the unique challenges these countries face, leveraging the INFTF’s expertise in blockchain and beyond.
The Foundation’s transition includes a strategic reallocation of responsibilities traditionally associated with the XRP Ledger. “It is an undeniable fact that XRP and the XRP Ledger are inextricably linked by the name of their native asset. This means that the community has always expected more from the Foundation than it has been able to deliver,” the announcement explains.
Management of key assets such as the XRP trademark, core code repository, and xrpl.org domain are to be transferred to another entity to ensure the registry continues to be run by those directly involved in its success.
“There is now an opportunity for various stakeholders such as the primary custodians of the ledger (Ripple), network participants (validators and node operators), community organizations, and even the community directly (for example, through some kind of DAO, as some parties have suggested) to join forces and maintain the things that the Foundation is currently custodian of,” Chari announced.
Ripple’s reactions
The quasi-cessation of the XRP Ledger Foundation sparked discussion in the community, leading to a response from prominent Ripple figures. Monica Long, CEO of Ripple, addressed community concerns in response to Jungle Inc.’s letter, stating that “more details will follow, but for now it is important to clarify that the discussions with XRPLF, XRPL Labs, XRPL Commons, Ripple, and others are about the new (independent) XRPL Foundation – this is different from the new INFTF organization that Bharath mentioned.”
David Schwartz, Ripple’s CTO, also illuminated joint discussions with various community stakeholders, including XRPL Labs and XRPL Commons. “Collectively, we are focused on establishing a structured approach to supporting the ledger and its ecosystem, ensuring it remains a vibrant and valuable part of the broader cryptocurrency economy,” Schwartz commented.
Community reactions have been mixed, with considerable interest in how the recent foundation will operate independently of Ripple and the INFTF. Wrathof Kahneman, a respected voice in the community, expressed support for the reorganization: “I think XRPLF was asked to do everything with very little support, a difficult situation. The relationship with Ripple seemed awkward. So I think this is a professional way to move forward and allow everyone to share responsibility for XRPL.”
At the time of going to press, XRP was priced at $0.5107.
Featured image created with DALL.E, chart from TradingView.com
