By
Chimamanda U. Martha
July 3rd, 2024
The launch of the fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation.
Ripple, a prominent blockchain firm, has announced a major fund to boost blockchain innovation in Japan and South Korea. This new initiative, called the XRPL Japan and Korea Fund, highlights Ripple’s dedication to growing its influence in the Asia-Pacific region.
Ripple’s cryptocurrency XRP operates on the XRP Ledger, a public blockchain tailored for corporate use. The new fund will support various projects, such as corporate partnerships, developer grants, startup investments, and community development.
This strategic effort is part of Ripple’s larger plan to allocate 1 billion XRP to foster financial, technical, and business growth for blockchain developers, a commitment first made in March 2022. Emi Yoshikawa, Ripple’s vice president of strategic initiatives, stressed the importance of this move. She said:
“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.”
This initiative comes at a crucial time as Ripple aims to counter the “hostile regulatory environment” in the United States, a concern noted by Ripple CEO Brad Garlinghouse.
Ripple’s Asia-Pacific Market Growth
The Asia-Pacific region is one of Ripple’s fastest-growing markets, and the company is focused on speeding up the adoption of its crypto-payment services there. Ripple’s partnerships, like the one with Tokyo-based HashKey DX to offer XRPL-powered supply chain finance solutions, show its commitment to innovation and growth in this area.
In 2016, Ripple and Japanese financial giant SBI Holdings formed a joint venture called SBI Ripple Asia. This partnership continues to promote the use of Ripple’s payment solutions. The XRP Ledger is also playing a key role by issuing official NFTs for the World Expo 2025 in Osaka, Japan, highlighting Ripple’s strong presence in the region’s blockchain scene.
In October, Ripple reached a major milestone by getting a full license to operate in Singapore. This achievement strengthens its position as a leading player in the Asia-Pacific market. Ripple established its Asia-Pacific headquarters in Singapore in 2017, further anchoring its presence in the region.
Ripple’s Global Expansion Efforts
Ripple’s strategic initiatives go beyond Japan and Korea. In April, Ripple announced its plan to launch a US dollar stablecoin, expected to be implemented within the year. This development aims to further integrate Ripple’s solutions into the global financial system, making transactions more seamless and efficient.
Despite legal challenges in the US, Ripple has made significant progress. In October, the US Securities and Exchange Commission (SEC) dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen, which were part of a larger lawsuit alleging the unlawful sale of XRP tokens. This legal relief allows Ripple to focus more on its global expansion and innovation strategies.