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SpendTheBits Faces Setback in XRPL Grants but Remains Determined

Alberta-based SpendTheBits remains committed to blockchain growth despite challenges in securing funding from XRPL Grants.
Published on 2023-10-06

SpendTheBits and XRPL Grants

Alberta-based SpendTheBits, a crypto wallet provider, recently faced a setback as it was denied funding for the second time by RippleXDev's XRPL Grants during its 6th Wave. Despite this challenge, the startup remains committed to expanding its presence in the blockchain sector.

Services and Commitment

SpendTheBits primarily serves Canadian residents, offering a mobile crypto wallet and a merchant portal for transactions via the XRPL Ledger. Known for its consistent success in the Ripple CBDC Innovative Challenge, the company is determined to continue its growth and innovation within the blockchain industry.

Future Opportunities

Despite the recent denial, SpendTheBits has been encouraged to reapply for funding in the upcoming Wave 7 of the XRPL Grants initiative. This initiative attracted 130 applications in its latest round, with a 25% approval rate, and focuses on supporting projects that develop decentralized exchanges (DEXes) and DeFi protocols on the XRPL.

RippleXDev's Support for Innovation

Previous recipients of XRPL Grants, such as XRPL.to and Feetuure, each received significant funding of $100,000. These grants are part of RippleXDev's efforts to boost development and innovation within the blockchain ecosystem, reflecting their commitment to nurturing promising projects.

SpendTheBits remains undeterred by the recent funding setback and continues to pursue its mission of advancing blockchain technology in Canada. Their resilience and determination underscore their potential for future success in the blockchain field.

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