Ripple announced on Tuesday the launch of a fund dedicated to Japan and Korea, with the goal of fostering blockchain innovation in these markets.
Emi Yoshikawa, Ripple’s vice president of strategic initiatives, emphasized the company’s confidence in Japan and Korea as crucial regional centers for blockchain advancement. This expansion comes amidst challenges in the U.S., where the crypto industry has encountered a difficult regulatory landscape.
Ripple Launches Japan and Korea Fund for XRP Ledger Innovation
Blockchain firm Ripple has introduced a dedicated fund for Japan and Korea, aimed at advancing innovation on the XRP Ledger as part of its expanding presence in the Asia-Pacific region.
XRP, Ripple’s native cryptocurrency, operates on the XRP Ledger, a public blockchain designed for corporate use and built on open-source technology. Ripple leverages blockchain and crypto to facilitate seamless, real-time cross-border payments.
According to a statement released on Tuesday, the funds from the XRPL Japan and Korea Fund will support initiatives such as corporate partnerships, developer grants, startup investments, and community expansion. This initiative is part of Ripple’s broader commitment, announced in March 2022, to allocate 1 billion XRP towards providing financial, technical, and business support for developers.
Emi Yoshikawa, Ripple’s vice president of strategic initiatives, highlighted the significance of this fund in promoting blockchain innovation in Japan and Korea, underscoring Ripple’s confidence in these markets as pivotal hubs.
Ripple’s growth in Asia-Pacific is happening while the U.S. crypto industry faces tough regulatory conditions, according to Ripple CEO Brad Garlinghouse, who described the situation as “hostile.”
Ripple had previously noted that Asia-Pacific is among its fastest-growing regions and reaffirmed its commitment to prioritizing the adoption of its crypto payment services in the region.
Ripple’s Recent Developments and Expansions
Ripple has been actively expanding its presence and partnerships in Japan and Asia-Pacific. In April, Ripple collaborated with Tokyo-based HashKey DX to introduce XRPL-powered supply chain finance solutions in the Japanese market. Additionally, Ripple established SBI Ripple Asia in 2016, a joint venture with SBI Holdings, to promote the adoption of Ripple’s payment solutions across Japan.
Looking ahead, Ripple has plans to utilize the XRP Ledger for issuing official Expo NFTs (Non-Fungible Tokens) at the World Expo 2025 in Osaka, Japan. NFTs are unique digital assets stored and verified using blockchain technology, encompassing artwork, audio, or videos.
In another strategic move, Ripple secured a full operational license in Singapore in October, solidifying the city-state as its Asia-Pacific headquarters since 2017.
In April, Ripple made headlines with its announcement of launching a U.S. dollar stablecoin, anticipated to debut later this year, according to statements by Ripple’s president Monica Long.
Regarding regulatory matters, the U.S. Securities and Exchange Commission (SEC) dropped claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in October. The lawsuit, filed in December 2020, alleged that Ripple violated laws by selling XRP without registering the token with the SEC.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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