Ripple trying to attract banks through its $300m XRP rebate program

Ripple has become one of the largest brands in the blockchain industry. It aims to revolutionize the global payment systems that are currently used by banks. The contemporary systems are considerably slow and expensive, and Ripple hopes that its network will reduce costs and increase efficiency.

In order to tempt potential clients, Ripple has started a rebate program in which it will provide a rebate in the form of XRP to banks that adopt the Ripple network early. The RippleNet Accelerator Program, which provides the early adopters with a volume rebate and other market incentives, is funded from an account containing $300 million of XRP. In order for RippleNet members to receive their license and rebate, they must reach integration and volume milestones by a deadline.

Ripple further clarifies that these rebates, available in the form of XRP or USD, can cover up to 50% to 300% of the integration and first year’s license fees. The adoption market incentives will be provided to the customers that match eligible customers’ marketing spending when they promote Ripple-powered products and services to their customers.

Monica Long, VP of marketing at Ripple, claims that the Ripple network currently hosts more than 100 clients. They are learning from PayPal and other companies to create a network effect on its platform and attract more customers. Long further states that "since we’re offering the incentives in XRP, we anticipate seeing an added benefit of building an easy on-ramp for institutions to use XRP in their payment flows to lower liquidity cost in the future. Early reception of these XRP incentives in a test phase has been very positive."