Ripple announced the establishment of the XRPL Japan and Korea Fund on June 11, 2024, an crucial strategic move to deepen engagement in blockchain innovation in East Asia. This initiative is part of Ripple’s broader commitment to commit 1 billion XRP (worth approximately $490 million) to support various activities that catalyze the growth and development of the XRP Ledger (XRPL) ecosystem.
Emi Yoshikawa, vice president of strategic initiatives at Ripple, described the fund as crucial to the company’s strategy in the region. “The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as key regional hubs for blockchain innovation,” Yoshikawa said. She then talked about specific aspects of the fund aimed at increasing the usability and employ of XRP Ledger in these markets.
Key areas of focus for Ripple’s XRPL Japan and Korea fund
1. Corporate partnerships: The fund aims to establish partnerships with leading Japanese and Korean corporations to facilitate the integration of XRP Ledger into their operations. These partnerships will explore a range of enterprise employ cases across multiple industries, leveraging XRPL’s capabilities to solve real business challenges.
2. Development grants: In an effort to stimulate technological innovation, the fund will provide financial, technical and business support to developers working on promising projects on XRPL. This initiative not only offers financing, but also aims to create a supportive environment for developers to turn their groundbreaking ideas into reality.
3. Startup investments: Recognizing the potential of early-stage companies, Ripple plans to invest in startups that employ XRPL to create novel applications. These investments will be targeted at companies that demonstrate the potential to add significant value to the XRPL ecosystem.
4. Community development: To build and maintain sturdy local communities around XRPL, the fund will support various community-oriented events and activities. These include local hackathons, educational programs and other events designed to engage community members and foster deeper understanding and proficiency in XRPL technologies.
Projects and partnerships
The fund has already supported significant projects such as VWBL in Japan and Moai Finance in Korea. VWBL is working on a “Viewable” protocol that uses NFTs to encapsulate and authenticate encrypted data for real-world applications such as medical examinations. This protocol enables condition-based access control and works across multiple blockchains, increasing data security and availability.
Moai Finance, on the other hand, is focused on improving asset liquidity and utility in the XRPL community through a multi-chain decentralized exchange and cross-chain DEX aggregator. Their products aim to facilitate easier exchange of assets and provide liquidity across blockchains.
Ripple’s partnerships in the region, such as its partnership with SBI Holdings to establish SBI Taiwan Asia and its strategic alliance with HashKey DX, illustrate the company’s long-term commitment to these markets. Additionally, Ripple’s participation in key industry events and its vigorous role in community-building efforts highlight its strategic intentions.
Upcoming events featuring Ripple executives, such as WebX Asia and Korea Blockchain Week, as well as community events in Seoul and Tokyo, will continue to promote XRPL and its applications. Moreover, the employ of XRPL to issue official NFTs at the Osaka World Expo 2025 highlights the practical utility and growing acceptance of Ripple technology in large-scale global events.
At press time, XRP was trading at $0.48432.
Featured image created with DALL·E, chart from TradingView.com
