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Ripple Launches Fund to Boost Blockchain Innovation in Japan and South Korea

Ripple launches fund to drive blockchain innovation in Japan and South Korea.

Tue, 11 Jun 2024, 09:52 am UTC

Ripple has launched a fund in Japan and South Korea to foster blockchain innovation on the XRP Ledger. The fund will support corporate partnerships, developer grants, startup investments, and community development.

Ripple Establishes XRPL Japan and Korea Fund to Promote Blockchain Innovation and Expand in Asia-Pacific

According to CNBC, Ripple, a blockchain company, has established a fund in Japan and Korea to foster innovation on the XRP Ledger as it expands its presence in Asia-Pacific.

The XRP Ledger, an open-source, public blockchain designed for corporations, is the foundation of Ripple's native cryptocurrency, XRP. Ripple facilitates real-time imitates real-time, cross-use of blockchain and crypto.

In a statement issued on June 11, Ripple announced that the funds would be allocated to promoting corporate partnerships, developer grants, startup investments, and community development. The XRPL Japan and Korea Fund is a component of Ripple's commitment to 1 billion XRP, announced in March 2022. The fund intends to provide developers with financial, technical, and commercial support.

"The launch of this fund is a testament to Ripple's strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation," the statement cites Emi Yoshikawa, Ripple's vice president of strategic initiatives.

Ripple CEO Brad Garlinghouse disclosed to CNBC earlier this month that the expansion is occurring amid a "hostile regulatory environment" in the United States affecting the crypto industry.

Last year, Ripple declared that the Asia-Pacific region is "one of its fastest growing regions" and will continue to "prioritize the region for the adoption of its crypto payment services."

Ripple Expands in Asia with XRPL Supply Chain Solutions, Expo NFTs, and New Licensing in Singapore

In April, Ripple partnered with Tokyo-based HashKey DX to introduce XRPL-powered supply chain finance solutions to the Japanese market. In 2016, it also established SBI Ripple Asia, a joint venture with Japanese financial services company SBI Holdings, to promote adopting Ripple payment solutions in the region.

The XRP Ledger will be utilized to issue official Expo NFTs for millions of attendees at the World Expo 2025 in Osaka, Japan, according to Ripple. Non-fungible tokens are distinctive virtual world objects stored and verified using blockchain technology and can be artwork, recordings, or videos.

In October, Ripple obtained a complete license to operate in Singapore, where it established its Asia-Pacific headquarters in 2017.

Ripple's president, Monica Long, declared in April that the company would "likely" introduce a U.S. dollar stablecoin this year.

In October, the U.S. Securities and Exchange Commission withdrew its claims against Garlinghouse and co-founder Chris Larsen in its December 2020 lawsuit. The lawsuit alleged that Ripple had violated laws by selling XRP without first registering the token with the SEC.

Photo: Microsoft Bing

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