The XRP Ledger foundation launches the Token assessment format that will provide more transparency for investors while also improving trust and self-regulation so l et’s read more in today’s Ripple news.
The XRP Ledger Foundation is a nonprofit entity behind the development of XRP’s ledger and it announced the launch of the initial phase of the Token Assessment Framework it comes after a collaboration with Grant Thronton Baltic who is a business advisory provider. According to the official blog post, the main goal of the framework is to provide transparency for XRP ledger investors with an increasing amount of issued tokens. The first phase involves a self-assessment questionnaire for the token issuers and with this move, the foundation can guide the issuer thorugh many questions that offer transparency for investors but will enhance trust and self-regulation:
“All self-assessments are made publicly available, in a common format, from which individual investors can do their own research and make personal quality assessments. And as each response is signed by the issuer, investors can verify that the self-assessment is actually submitted by the issuer.”
The XRP Ledger Foundation revealed the upcoming phase of the framework which will have an option for the token issuers to complete validation and the verification process via a third-party auditor. Based on this, the plans to advise them on listings by wallets and exchanges. It also encouraged the token issuers on the ledger to complete the framework. Ripple launched Xpring to aid the development of XRPL ecosystem projects and other initiatives while the Foundation was formed in 2020 to share some of the same goals.
At the peak of the NFT Hype last year, Ripple’s developer branch RippleX announced allocating about $2 million to promote the development of open-source projects that involve digital collections on the ledger. Ripple set up a new fund worth $250 million to support the creation of NFT projects and vowed to provide artists and creators with the necessary support. The blockchain company managed to onboard 4000 artists, musicians, and game designers for NFT projects.
As recently reported, Crypto has played a huge role in the geopolitical tensions between Ukraine and Russia. Ukraine already started receiving BTC donations from across the world and there are more concerns that Russia can use the digital assets to mitigate the growing sanctions. The concerns came off the back of the strict economic sanctions that are imposed on Russia by a few western nations like barring the banks from accessing SWIFT.
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