Blockchain firm Ripple expands APAC presence with Japan and Korea fund

Blockchain firm Ripple expands APAC presence with Japan and Korea fund

Blockchain firm Ripple expands APAC presence with Japan and Korea fund As a tech journalist, Zul focuses on topics including cloud computing, cybersecurity, and disruptive technology in the enterprise industry. He has expertise in moderating webinars and presenting content on video, in addition to having a background in networking technology.

Blockchain firm Ripple has launched a dedicated Japan and Korea fund, aimed at driving innovation and fostering growth on the XRP Ledger as it continues to expand its presence in the Asia-Pacific region.

The XRP Ledger is an open-source, public blockchain designed for corporate use, powering the XRP cryptocurrency. Ripple leverages blockchain technology and XRP to facilitate real-time, cross-border payments.

An official statement from Ripple claims that the funds will be directed towards helping corporate partnerships, developer grants, startup investments, and the acceleration of community growth initiatives. The XRPL Japan and Korea Fund announced today by Ripple is part of the team’s previously announced commitment to allocate 1 billion XRP to fund developers working in the XRP ecosystem.

“The launch of this fund demonstrates the company’s confidence in the technologies, teams, and entrepreneurs building new solutions for massive opportunities across the global blockchain space,” said Emi Yoshikawa, Ripple’s VP of strategic initiatives, adding that the company is excited to support blockchain use cases across Japan and Korea.

The expansion occurred during what Brad Garlinghouse, CEO of Ripple, referred to as a “hostile regulatory environment” in the U.S. for the crypto trade in a CNBC interview last week.

Last year, Ripple highlighted Asia-Pacific as “one of its fastest-growing regions” and reaffirmed its commitment to “prioritizing the region for the adoption of its crypto payment services.”

Ripple is entering the Japanese market through a partnership with Tokyo-based HashKey DX to bring XRPL-powered supply chain finance solutions. In 2016, Ripple also launched a joint venture with the Japanese financial services company SBI Holdings—dubbed SBI Ripple Asia—to facilitate the implementation of Ripple’s payment solutions in the region.

At the same time, Ripple has also stated that the World Expo 2025 in Osaka, Japan, will issue official Expo NFTs for millions of attendees on the XRP Ledger.

Ripple, its subsidiary RippleX, and partners in the APAC region, including the $7.8 billion financial giant SBI in Japan, are driving the global adoption of XRP. In Japan, over 60 banks, which constitute 80% of the Japanese banking industry, are Ripple partners.

Ripple’s key executives will be attending and speaking at major industry events in August and September, such as WebX Asia in Japan and Korea Blockchain Week, further demonstrating the company’s commitment to these markets.

At the time of writing, the XRP price trades at $0.486, down nearly 2% in the last 24 hours amid a panic sell-off across the market due to U.S. inflation data and the Federal Reserve’s interest rate decision this week. Trading volumes for XRP have jumped by 75% in the last few hours.

Ripple obtained a full operating license in Singapore in October 2022, after establishing the city-state as its Asia-Pacific headquarters in 2017.

In April, Ripple announced plans to launch a U.S. dollar stablecoin, which its president, Monica Long, said would “likely” happen this year.

Additionally, the U.S. Securities and Exchange Commission (SEC) dropped claims against Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen in its December 2020 lawsuit, alleging that Ripple had violated laws by selling XRP without first registering the token with the SEC.

See also: Ripple president predicts success for crypto lobbying in US elections

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