Ripple partner Josh Kim reveals how XRP and XRPL are being adopted in South Korea, especially in the gaming and DeFi sectors, amid regulatory discussions on digital assets.
XRP and XRPL, the digital asset and the ledger technology developed by Ripple, are gaining popularity in South Korea, one of Asia’s most dynamic economies. Ripple partner Josh Kim shared some insights into how XRP and XRPL are being integrated into various sectors in the country, especially gaming and DeFi.
According to Kim, who is leading the promotion of XRPL in South Korea, XRP is the preferred cryptocurrency for about 10% of the country’s population, estimated at around five million people.
This shows the strong demand and adoption of XRP in the region, which holds at least 15% of XRP’s circulating supply, based on research from a government agency.
Despite facing some regulatory challenges, South Korea continues to be a leader in adopting XRP and XRPL technology. Kim’s mission is to expand the usage of XRPL in the country by identifying and supporting practical use cases for the ledger.
His strategy involves encouraging developers to create applications that improve everyday life, such as payments, remittances, and identity verification, and accelerate the adoption of XRPL and XRP in the region.
In an interview, Kim highlighted gaming and DeFi (Decentralized Finance) as two key areas for XRPL’s growth in South Korea. He pointed out a DeFi project already running on XRPL that has shown impressive on-chain metrics, indicating the potential for more such projects to flourish on the platform. He also mentioned the benefits of using XRPL for DeFi, such as low fees, fast transactions, and high security.
Moreover, considering South Korea’s position as the fourth-largest global gaming market, Kim emphasized the importance of integrating game developers into the XRPL ecosystem.
This approach aims to leverage the country’s gaming industry to increase the usage of XRPL, thereby enriching the ledger with diverse applications. He also noted the advantages of using XRPL for gaming, such as interoperability, scalability, and innovation.
Scalability Solutions: XRPL and Sidechains
Kim also touched upon the scalability solutions offered by XRPL, specifically through sidechains like The Root Network. He teased the potential onboarding of major gaming IPs in the South Korean market onto this network by the middle of the year, suggesting significant progress in integrating blockchain technology within the gaming sector.
He also explained how sidechains can enhance the performance and functionality of XRPL without compromising its security and decentralization.
