The newly established XRP Ledger Foundation has raised $6.5 million from Ripple, Coil, and GateHub. This non-profit and open-organization was been set up with a goal to accelerate the development of the XRP ledger, the blockchain upon which the XRP token runs.

All the three platforms that have put up the funds were built upon the XRP Ledger. According to reports, the foundation aims to improve and develop the XRPL infrastructure and promote scalable and sustainable practice on the platform.

The foundation also seeks to create an objective list of checkboxes to evaluate validator performance and support the development of tools to enhance accessibility for both developers and users. According to Ripple CTO, David Schwartz, The XRP Ledger Foundation’s board comprises many familiar faces, such as Wietse Wind, an XRPL developer.

Bharath Chari foundation consultant of XRP Ledger said: “The Foundation is extremely happy to work with stakeholders in the ecosystem for further innovation and use of XRP Ledger. We are committed to providing full support to growing the developer ecosystem."

The announcement also detailed plans to set up an "XRP Community Fund," which will operate independently of the foundation and focus on events and fostering XRPL adoption. The foundation is also seeking additional funding to work with the broader community, including academic institutions and non-profits to meet the challenges in the years to come.

Although XRP's market performance has been relatively muted this year, Ripple has been making strides in partnering with the banks worldwide. Just two days ago, Ripple announced that they have partnered with HDFC, India’s largest private sector bank, to enable faster and cheaper transactions using the XRPL.