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Ripple, the blockchain firm behind the XRP cryptocurrency, has launched a new fund targeting Japan and South Korea to drive innovation on the XRP Ledger. This initiative is part of Ripple’s broader effort to expand its influence and presence in the Asia-Pacific region.
The XRP Ledger is an open-source, public blockchain designed for corporate use, enabling real-time, cross-border payments facilitated by XRP. Ripple’s newly launched fund will support various initiatives, including corporate partnerships, developer grants, startup investments, and community growth.
The XRPL Japan and Korea Fund is an extension of Ripple’s commitment, announced in March 2022, to allocate 1 billion XRP towards providing financial, technical, and business support for developers.
“The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation,” stated Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple.
This expansion into Japan and Korea comes amid what Ripple CEO Brad Garlinghouse describes as a “hostile regulatory environment” for the crypto industry in the United States.
Ripple has identified Asia-Pacific as one of its fastest-growing regions and remains committed to prioritizing this area for the adoption of its crypto payment services. In April, Ripple partnered with Tokyo-based HashKey DX to introduce XRPL-powered supply chain finance solutions to the Japanese market. Additionally, Ripple launched SBI Ripple Asia in 2016 in collaboration with Japanese financial services company SBI Holdings to promote Ripple’s payment solutions in the region.
Ripple also announced that the XRP Ledger would be used to issue official Expo NFTs for millions of attendees at the World Expo 2025 in Osaka, Japan. NFTs (non-fungible tokens) are unique digital assets that can represent artwork, audio, or videos and are verified using blockchain technology.
In October, Ripple secured a full license to operate in Singapore, where it established its Asia-Pacific headquarters in 2017. Earlier in April, Ripple revealed plans to launch a U.S. dollar stablecoin, which President Monica Long indicated would likely happen this year.
Furthermore, 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, which alleged Ripple had violated securities laws by selling XRP without registering the token with the SEC.
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