Alberta-based crypto wallet provider, SpendTheBits, was denied for the second time by RippleXDev's XRPL Grants during its 6th Wave, the company revealed on Friday. Despite this disappointment, the startup is steadfast in its commitment to expand its operations in the blockchain sector.
SpendTheBits caters primarily to Canadian residents, offering services through a mobile crypto wallet and a merchant portal that enables transactions via the XRPL Ledger. The company is known for its consistent successes in the Ripple CBDC Innovative Challenge.
Despite the recent setback, SpendTheBits has been encouraged to reapply for funding in the upcoming Wave 7 of the XRPL Grants initiative. This initiative, which garnered 130 applications in its latest round with a 25% approval rate, predominantly backs projects that are developing decentralized exchanges (DEXes) and DeFi protocols on the XRPL.
Previous recipients of the XRPL Grants include XRPL.to and Feetuure, each receiving a substantial grant of $100,000. These grants are part of RippleXDev's efforts to stimulate development and innovation within the blockchain ecosystem.
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