The cryptocurrency market has been attacked by the bear, and XRP has fallen prey to the wrath of the bear. Ripple, on the other hand, had announced an accelerator program for commercial and enterprise companies who wish to join the RippleNet in 2017 and according to the Q4 report a part of 600 million XRP pool will be used in the program to support the XRP ecosystem. The rewards will be funded by the $300 million holding in XRP by the company and will be based on volume rebates along with an adoption marketing incentive, reported Kryptomoney.
The Volume Rebates will enable RippleNet members to acquire license and integration-fee rebates when they reach integration and volume milestones within the mentioned deadlines. The rebates will be based on the volume processed and as per the publication, could cover anywhere between 50 to 300 percent of the integration fees and first year’s license fees.
The aim of the program is to accelerate the adoption and usage of Ripple solutions and to be made available in XRP or USD. The publication mentioned that the customers who wish to receive XRP for the rebate will have selling restriction and these restrictions might be profitable in the long run as it will prevent the market from undergoing major changes.
PayPal had used a similar strategy in order to promote their early day adoption and referral bonuses. The method could be useful as the incentive is in XRP and as stated by a source of Ripple, the test phase has been immensely successful. The network is also expecting an added benefit of building an easy on-ramp for institutions to use XRP in their payment flows to reduce liquidity cost in the future, reported the publication.
Ripple is taking care of the marketing costs for eligible customers who promote Ripple solutions to their customers by matching their costs. Ripple will provide tailored marketing content, messaging frameworks and tools that will help to reduce the customer’s total cost, as per Kryptomoney.
The incentives will be completely based on the first-come, first served basis and can be collected in either XRP or USD, but the limitations pertaining the cryptocurrency are applicable. The publication speculates that other networks like Tron and EOS might join Ripple in this plan.
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