The Ripple blockchain company has launched a fund in South Korea and Japan.
The purpose of the mentioned fund is to drive innovations on the XRP Ledger. The specified company is currently making efforts to expand its presence in the Asia-Pacific region.
XRP is a cryptocurrency that is powered by the XRP Ledger, an open-source public blockchain developed for corporations. Ripple uses the mentioned digital currency and blockchain to carry out cross-border payment transactions in real-time.
The money from the new fund will be used to support corporate partnerships, grants for developers, investments in startups, and community growth. A statement of the relevant content was released by Ripple on Tuesday, June 11.
It is also worth noting that the new fund is part of the company’s commitment to allocate 1 billion XRP, intended to provide financial, technical, and business support to developers. The company’s corresponding commitment was announced in March 2022.
Emi Yoshikawa, vice president of strategic initiatives at Ripple, says that the launch of the new fund is evidence of the firm’s strong belief in the potential of South Korea and Japan as pivotal regional hubs of blockchain innovation.
During a conversation with media representatives this month, the company’s CEO Brad Garlinghouse said that the expansion of the presence in Asia is because the cryptocurrency industry is facing a hostile regulatory environment in the United States.
Last year, Ripple stated that the Asia-Pacific region is one of the fastest-growing regions in the world. The company also stated its intention to give priority attention to the countries of the mentioned region as part of the implementation of crypto payment services.
In April, Ripple announced the start of a partnership with the firm HashKey DX, which is based in Tokyo. As part of this collaboration, the company, headed by Brad Garlinghouse, intends to bring XRPL-based supply chain financing solutions to the Japanese market.
In 2016, the SBI Ripple Asia joint venture was launched. SBI Holdings, a company specializing in the provision of financial services, has become a participant in this project. The joint venture, launched eight years ago, is focused on stimulating the implementation of Ripple payment solutions in the Asia-Pacific region.
The XRP registry will be used to issue official Expo NFT cards to millions of attendees at the World Expo 2025 in Osaka, Japan. This was stated by Ripple.
Non-fungible tokens are unique objects of the virtual world, which come in the form of works of art, audio, or video recordings. These tokens are stored and verified using blockchain technology.
In October, Ripple obtained a full operating license in Singapore. It is worth noting that in this city-state, the company established its headquarters in the Asia-Pacific region in 2017.
In April, Ripple announced the launch of a dollar stablecoin. At that time, the company stated that this digital currency would always be backed by a 1 to 1 equivalent amount of assets, including dollar deposits, United States government bonds, and cash equivalents. In April, Ripple also did not rule out the possibility of releasing additional regional products in the markets of Europe and Asia.
The US Securities and Exchange Commission (SEC) in October in October dropped a lawsuit against Brad Garlinghouse and Ripple co-founder Chris Larsen. In December 2020, this regulator initiated a lawsuit alleging that the mentioned company violated the laws by selling XRP without first registering the token with the SEC.
As we have reported earlier, Ripple Acquires Digital Asset Platform.
