Ripple is hoping to go even further in the Asia-Pacific area by launching a new fund for Korea and Japan.
The XRPL Japan and Korea Fund will use the XRP Ledger to target blockchain innovation in the region, the company announced on Tuesday. The announcement from Ripple in Asia follows the company’s collaboration with Georgia’s national bank to encourage the digitization of the nation’s economy.
The company also declared that it has completed the acquisition of Standard Custody. The XRP coin is powered by Ripple’s XRP Ledger, a decentralized public blockchain designed for corporate use.
With the business’s introduction of the Asia-focused fund, XRP and XRPL—essential to Ripple’s ecosystem for cross-border payments and remittances—may see increased use.
The fund will prioritize corporate partnerships, developer grants, startup investments, and community development projects. The XRPL Japan and Korea Fund will leverage the company’s 1 billion XRP commitment to this ambition, which aligns with Ripple’s mission to advance cryptocurrency and blockchain ecosystems worldwide.
According to a statement from Emi Yoshikawa, vice president of strategic initiatives at Ripple, Japan, and Korea are “pivotal regional hubs for blockchain innovation” and essential to achieving this goal.
XRP boost? Ripple to Invest Millions in Regions
Developers constructing on the XRP Ledger will receive financial, technical, and business support from Ripple as part of the program. With a “significant” portion of the 1 billion XRP set aside, the business intends to provide these benefits through its XRPL Grants and XRPL Accelerator programs.
Thus, Ripple will contribute tens of millions of dollars worth of XRP to this project, which is expected to increase its uptake in nations fast developing into important hubs for the cryptocurrency industry.
One of Ripple’s efforts in the area has been the introduction of its XRPL technology to the Japanese supply chain business, which it accomplished through a collaboration with HashKey DX, a company based in Tokyo.
Since SBI Holdings introduced SBI Ripple Asia in 2016, the company has also cooperated with the massive financial institution. Several financial service companies and institutions have also signed agreements with Ripple, which could lead to XRP’s extraordinary uptake.
