Ripple has introduced a new fund targeting Japan and Korea to foster innovation on the XRP Ledger (XRPL) in another move to further its expansion plans in the Asia-Pacific region.
The XRPL is Ripple’s flagship product. It is a public, open-source blockchain designed for corporate use and to facilitate real-time, cross-border transactions.
Announced in an offical statement on Tuesday, June 11,2024, the XRPL Japan and Korea Fund will support partnerships with major companies in Japan and Korea, integrating XRPL into their operations and exploring its use across various industries. The Fund will also provide developer grants, startup investments, and community growth initiatives.
“The launch of this fund demonstrates Ripple’s strong belief in Japan and Korea’s potential as key regional centers for blockchain innovation,”
said Emi Yoshikawa, vice president of strategic initiatives at Ripple, in the statement.
The Fund is part of the company’s pledge of 1 billion XRP for financial, technical, and business support to developers to develop XRPL, which was unveiled in March 2022.
Ripple has been making several moves to expand its global reach. Last year, the company identified the Asia-Pacific region as a key growth area and committed to prioritizing the adoption of its crypto payment services there. Notably, it established its Asia-Pacific headquarters in Singapore in 2017, and in 2016, it formed SBI Ripple Asia, a joint venture with Japanese financial services firm SBI Holdings, to promote the adoption of its payment solutions in the region.
In April 2024, SBI Ripple Asia announced a partnership with Tokyo-based HashKey DX to introduce XRPL-powered supply chain finance solutions to Japan. This partnership leverages XRPL’s fast transaction speeds, scalability, and low costs, making it ideal for supply chain finance products. The companies will also explore additional uses for XRPL in various business blockchain needs.
Ripple has also announced that the XRP Ledger will be used to create official Expo NFTs for the millions of attendees at the World Expo 2025 in Osaka, Japan.
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