• 15 June, 2024
News

Ripple Boosts Blockchain Innovation with XRPL Japan and Korea Fund

Ripple, a pioneer in enterprise blockchain and crypto solutions, has announced the launch of the XRPL Japan and Korea Fund. This initiative aims to support innovation on the XRP Ledger (XRPL) within the dynamic markets of Japan and Korea.

According to a recent report, the XRPL Japan and Korea Fund will facilitate various initiatives to foster innovation on the XRP Ledger in these regions. Key focus areas include corporate partnerships, developer grants, startup investments, and community growth. By collaborating with leading companies in Japan and Korea, Ripple aims to integrate the XRP Ledger and explore its use across various industries. 

Additionally, the fund will provide financial, technical, and business support for promising projects on the XRP Ledger through developer grants. Startup investments will target early-stage companies leveraging the XRP Ledger to create new and exciting use cases.

This fund is part of Ripple’s 1 Billion XRP commitment to support developers building on the XRP Ledger through XRPL Grants and XRPL Accelerator programs. A substantial portion of this commitment will focus on Japan and Korea, with investments amounting to tens of millions of dollars over time.

Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, emphasized Ripple’s strong belief in Japan and Korea’s potential as key regional hubs for blockchain innovation. She highlighted Ripple’s commitment to fostering innovation within the local XRP Ledger communities and anticipated significant impacts from this fund in these vibrant markets.

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Japan and Korea boast some of the most vibrant and rapidly growing XRP Ledger communities globally. These regions benefit from strong institutional partnerships, proactive regulatory frameworks, and a growing number of innovative blockchain startups. Recently, the XRPL Grants program awarded funding to VWBL and Moai Finance, two projects based in Japan and Korea, respectively.

VWBL (Japan) focuses on utilizing NFTs to encapsulate encrypted data for real-world applications such as medical exams. VWBL operates as an on-chain, condition-based access control protocol and key management network across multiple blockchains. Its core features include enabling NFTs to securely carry encrypted external data, granting access to this data to users who meet specific conditions, and maintaining a decentralized and trustless architecture.

Ripple’s partnerships in Japan and Korea have significantly contributed to the region’s blockchain ecosystem. In 2016, Ripple partnered with SBI Holdings to establish SBI Ripple Asia, promoting Ripple Payments solutions. Recently, Ripple entered a strategic partnership with HashKey DX to introduce XRP Ledger-powered enterprise solutions to the Japanese market. Additionally, the XRP Ledger will be used for issuing official Expo NFTs at the World Expo 2025 in Osaka, Japan.

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