The XRP Ledger Foundation is an independent non-profit organization that developed the XRP Ledger. It has now announced the launch the first phase of the Token Assessment Framework. This collaboration was made possible by Grant Thornton Baltic (a business advisory firm).
Framework for XRPL Foundation’s New Token Assessment Framework
The official blog post explains that the framework’s main purpose is to make investors more transparent in the XRP Ledger ecosystem (XRPL), which has an increasing number of tokens.
The token issuers will need to complete a questionnaire that allows them to self-assess their situation. The foundation will guide the issuer through a series of questions that will provide transparency to investors and increase self-regulation and trust.
All self-assessments can be made public in a common format so that individual investors can conduct their own research and make quality assessments. Investors can also verify that each self-assessment has been submitted by the issuer by signing each response.
XRPL Foundation revealed that the next phases of its framework will allow token issuers to verify and validate their transactions with a third party auditor. It plans to provide advice on how to list on exchanges, wallets and other digital asset service providers based on this information. It encouraged all token issuers to join the XRPL framework.
Developments in XRPL Ledger
Ripple had launched Xpring earlier to help in the development XRPL ecosystem project and other initiatives via investments. Developer relations are also an option. XRPL Foundation was created in 2020 to pursue some of the same goals.
RippleX, Ripple’s developer arm, announced a $2 million allocation to encourage the development of open-source projects involving digital collection on the XRP Ledger. This announcement came at the height of NFT hype.
Ripple also established a $250 million fund to support the creation of non-fungible token project on its XRP Ledger. It also promised to provide support for creators and artists. The creator fund has enabled Ripple to onboard 4,000 musicians, artists, game designers, and builders of NFT projects.
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