XPRL-Powered Wallet SpendTheBits Denied Grant For a Second Time

SpendTheBits, a cryptocurrency wallet that taps the XRP Ledger for transactions, had its second application to XRPL Grants denied.

Following the conclusion of the 6th Wave of XRPL Grants, cryptocurrency wallet provider SpendTheBits shared with its community that the XRPL Foundation denied its grant application.

The latest development marks the second denial for the project, even though the startup has been invited to reapply for the next wave of grants.

In a post on X, SpendTheBits expressed its disappointment at not landing the grant, which would have provided the startup with additional resources to accelerate its business. However, the project pledged to continue building for the blockchain space, with support from its community.

#XRPCommunity We are disappointed to share that our XRPL grant proposal was declined 2nd time by the @RippleXDev. While it’s disheartening, we remain committed to the keep on building in the blockchain space🙏 pic.twitter.com/6HuVNnMWT1

— SpendTheBits Inc. (@Spend_The_Bits) October 6, 2023

SpendTheBits, according to its profile, is based in Alberta and offers a mobile crypto wallet available to Canadian residents.

The startup also has a merchant portal that uses the XRPL Ledger to facilitate transactions and will hope for success in future grant applications. SpendTheBits has dominated the Ripple CBDC Innovative Challenge, continuously winning it back-to-back.

XRPL Grants Power Developer Ecosystem

XRPL Grants is a provision from the independent XRPL Foundation to provide funding and support to developers building on the open-source blockchain. The email response shared by SpendTheBits shows that although the XRPL Foundation received 130 applications in the latest grant wave and approved 25% of these applications.

It is noteworthy that although SpendTheBits failed to land the grant this time, the grants judges provided valuable feedback and extended an invitation for the project to apply for Wave 7 Grants, which is already underway.

The latest wave focuses on accelerating the creation of decentralized exchanges (DEXes) and other kinds of decentralized finance (DeFi) protocols on XRPL.

Meanwhile, many projects have received XRPL Grants in the past for building innovative solutions on XRPL. In August, The Crypto Basic reported that XRPL.to, a decentralized exchange on XRP, received a $100,000 grant from the XRPL Foundation. Another startup, Feetuure received a $100,000 grant in March for building an entertainment marketplace on XRPL.

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