Ripple Introduces XRPL Japan and Korea Fund to Support Blockchain Innovation
Ripple, a prominent player in the blockchain and cryptocurrency field, has announced the launch of the XRPL Japan and Korea Fund. This fund aims to foster innovation within the XRP Ledger (XRPL) ecosystem in the dynamic markets of Japan and Korea.
The XRPL Japan and Korea Fund is designed to provide support for various initiatives, including forming partnerships with leading businesses in Korea and Japan to explore the integration of the XRP Ledger and identify potential business applications across different industries.
Exciting news! Ripple has unveiled the XRPL Japan & Korea Fund to drive innovation and enhance utility on the #XRPL in the APAC region! This initiative includes corporate partnerships, developer grants, startup investments, and community growth. Learn more about how this fund promotes innovation and development:
Furthermore, the fund will offer financial, technical, and commercial assistance to promising projects utilizing the XRP Ledger. It will also invest in startups leveraging the XRP Ledger to create innovative and compelling use cases.
In addition, the fund will support regional hackathons, events, and educational programs to engage and expand the XRP Ledger communities in the region.
This initiative is part of Ripple’s $1 billion commitment to support developers building on the XRP Ledger by providing financial, technical, and commercial backing. A significant portion of this commitment will be allocated to exciting opportunities in Japan and Korea.
Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, highlighted the potential for Korea and Japan to become key hubs for blockchain development and emphasized Ripple’s dedication to nurturing innovation within the local XRP Ledger community.
Japan and Korea are home to some of the most vibrant and rapidly growing XRP Ledger communities globally. This growth is supported by progressive regulatory frameworks, an increasing number of innovative blockchain businesses, and strong institutional partnerships.
Noteworthy Projects: VWBL and Moai Finance
In May 2024, Wave 7 of the XRPL Grants program provided funding to projects VWBL and Moai Finance, based in Japan and Korea. VWBL in Japan focuses on using NFTs to authenticate real-world scenarios by encapsulating encrypted data, such as medical records.
Moai Finance in Korea, within the XRP Ledger community, is developing a cross-chain DEX aggregator and a multi-chain DEX to enhance asset liquidity. Their main offering is an AMM-based decentralized system for seamless asset trading across multiple blockchains.
Ripple has established strategic alliances in Korea and Japan, including partnerships with HashKey DX and SBI Holdings. Additionally, official Expo NFTs for the World Expo 2025 in Osaka, Japan, will be issued using the XRP Ledger.
Ripple’s leadership will participate in key industry events like WebX Asia in Japan and Korea Blockchain Week to showcase their commitment. Community gatherings in Tokyo and Seoul will also be organized to discuss the XRPL Japan and Korea Fund and regional XRP Ledger initiatives.
XRP Market Performance
According to CoinMarketCap data, the price of XRP currently stands at $0.4873, reflecting a 1.86% decline in the last 24 hours. Over the past week, the price has dropped by 6.44% in a downward trend. Despite these fluctuations, Ripple’s ongoing efforts demonstrate its dedication to innovation and market expansion.
Previously, CNF highlighted Ripple’s significant impact on the Japanese financial sector, with 80% of Japanese institutions collaborating with the company for blockchain-based payments.
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