Ripple has revealed its plans to engage with Hong Kong’s vibrant developer community and burgeoning blockchain investments. This announcement was made via a post on X (formerly known as Twitter) on August 9, 2023.
The blockchain firm posted a video in which Kirit Bhatia, the Senior Director of Business Development at Ripple, highlighted Hong Kong’s enduring significance as a bustling global financial hub and the significant presence of developers and blockchain-associated investments within Hong Kong’s ecosystem.
Hong Kong has a high concentration of developers and blockchain related investments. ????????
We’re excited to work with innovative businesses and financial institutions to move, manage and tokenize value within Hong Kong and throughout Asia. pic.twitter.com/vLLLlluNS0
— Ripple (@Ripple) August 9, 2023
An important focal point of Bhatia’s message was the growing adoption of cryptocurrencies in Hong Kong. He emphasized that the city has firmly established itself as a thriving hub for blockchain developers and investment activities. Drawing from his personal and professional experiences in Hong Kong, Bhatia shared significant milestones and resonated with the city’s progress.
According to Bhatia, Ripple’s enthusiasm to collaborate with local businesses and financial institutions is all in pursuit of introducing a new epoch of value movement and tokenization. This aspiration extends not only across Hong Kong but also encompasses the wider Asian region.
Bhatia also emphasized the strategic alliance between Ripple and the Hong Kong Monetary Authority, focused on launching a pilot programme for a Central Bank Digital Currency (CBDC) project. The central objective of this initiative is to leverage Ripple’s CBDC platform, built on the technology of its XRP Ledger, and reshape conventional asset digitization processes.
Amidst its growth across the Asian region, Ripple secured preliminary regulatory approval from Singapore’s financial authority, the Monetary Authority of Singapore (MAS), in June 2023. As highlighted in the DeFi Planet report, this regulatory green light paves the way for Ripple to introduce token offerings and digital asset payment services within the country. Notably, this approval empowers Ripple’s subsidiary, Ripple Markets Asia Pacific, to bolster its on-demand liquidity capabilities.
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