Ripple, a prominent blockchain firm, has unveiled a dedicated fund targeting Japan and South Korea to accelerate blockchain innovation on the XRP Ledger. This initiative aligns with Ripple’s broader strategy to enhance its footprint in the Asia-Pacific region.
Ripple’s native cryptocurrency, XRP, operates on the XRP Ledger, an open-source blockchain platform tailored for corporate use. The company leverages blockchain and cryptocurrency to enable real-time, cross-border payments.
The new XRPL Japan and Korea Fund will support a variety of activities including corporate partnerships, developer grants, startup investments, and community development. This fund is part of Ripple’s extensive commitment to deploying 1 billion XRP to provide financial, technical, and business support for developers, an initiative announced in March 2022.
“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, Ripple’s Vice President of Strategic Initiatives.
Ripple’s expansion in Asia comes amid regulatory challenges in the U.S. In a recent CNBC interview, Ripple CEO Brad Garlinghouse described the current U.S. regulatory environment as “hostile” towards the crypto industry. As a result, Ripple is focusing on Asia-Pacific, which it identified as one of its fastest-growing regions, to drive the adoption of its cryptocurrency payment services.
In recent years, Ripple has significantly expanded its presence in Asia-Pacific. In April, it partnered with Tokyo-based HashKey DX to introduce XRPL-powered supply chain finance solutions to Japan. Ripple also launched SBI Ripple Asia in 2016, a joint venture with Japan’s SBI Holdings, aimed at promoting the adoption of Ripple’s payment solutions across the region.
The XRP Ledger will be utilized to issue official Expo NFTs for millions of attendees at the World Expo 2025 in Osaka, Japan. These NFTs, or non-fungible tokens, represent unique digital assets such as artwork, audio, or videos, which are stored and authenticated using blockchain technology.
Ripple has also made significant strides in Singapore, securing a full operating license in October. This follows the establishment of its Asia-Pacific headquarters in Singapore in 2017. Moreover, in April, Ripple announced plans to launch a U.S. dollar stablecoin, which is expected to materialize this year.
Ripple’s recent developments come in the context of its ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC). In October, the SEC dropped claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen from its 2020 lawsuit, which accused Ripple of selling XRP without proper registration.
Overall, Ripple’s new fund reflects its strategic emphasis on Japan and South Korea as key areas for blockchain growth and innovation, reinforcing its commitment to advancing technology and fostering adoption in the Asia-Pacific region.
