Ripple launches Japan and Korea fund to promote blockchain innovation

Cryptocurrency Ripple is seen in this illustration photo taken in Krakow, Poland on June 4, 2021. (Illustration by Jakub Porzycki/NurPhoto via Getty Images)

Jakub Porzycki | Nurphoto | beautiful images

Blockchain company Ripple has launched one Japan and Korea Foundationaims to drive innovation on the XRP Ledger as it continues to expand its presence in Asia-Pacific.

XRP is Ripple’s native cryptocurrency, powered by the XRP Ledger, an open-source, public blockchain built for corporations. Ripple uses blockchain and cryptocurrency to support real-time cross-border payments.

Ripple said Tuesday in a statement that the fund will aim to support corporate partnerships, developer funding, startup investments and community development. The Japan and Korea XRPL Foundation is a part of Ripple’s commitment to 1 billion XRP aims to provide financial, technical and business support to developers, announced in March 2022.

Emi Yoshikawa, vice president of strategic initiatives at Ripple, said: “The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and South Korea as global hubs. key regional hub for blockchain innovation.”

Expansion arrives as the cryptocurrency industry faces a “hostile regulatory environment” in the USRipple CEO Brad Garlinghouse told CNBC in the first day of this month.

Ripple CEO: Crypto industry in the US is facing a 'hostile regulatory environment'

Ripple said last year that Asia-Pacific is “one of the fastest growing regions” and that it will continue to “prioritize the region for the adoption of its crypto payment services.”

In April, Ripple partnered with the Tokyo-based company HashKey DX to bring XRPL-powered supply chain finance solutions to the Japanese market. It also launched SBI Ripple Asia in 2016, in a joint venture with Japanese financial services company SBI Holdings, to promote the adoption of Ripple payment solutions in the region.

Ripple said the XRP Ledger will be used to issue official Expo NFTs to millions of attendees at World Expo 2025 in Osaka, Japan. Tokens are non-fungible are unique virtual world objects in the form of works of art, audio or video and are stored and verified using blockchain technology

Ripple obtained one Fully licensed to operate in Singapore in October since establishing the city as its Asia-Pacific headquarters in 2017.

In April, Ripple announced they are launching a US dollar-denominated stablecointhat thing President Monica Long said “might” happen this year.

U.S. Securities and Exchange Commission in October claim is cancelled against Garlinghouse and co-founder Chris Larsen in a December 2020 lawsuit accusing Ripple of violating the law sell XRP without first registering the token with the SEC.


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