Blockchain company Ripple Japan and Korea Foundationaims to drive innovation for the XRP Ledger as it continues to expand its presence in the Asia-Pacific region.
XRP is Ripple’s native cryptocurrency, powered by the XRP Ledger, an open-source public blockchain built for enterprise. Ripple uses blockchain and cryptocurrency to facilitate real-time, cross-border payments.
Ripple said in a statement on Tuesday that the funds will be used to support corporate partnerships, developer grants, startup investments and community growth. Ripple’s 1 Billion XRP Commitment It was announced in March 2022 and aims to provide financial, technical and business support to developers.
“The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and South Korea to become important regional hubs for blockchain innovation,” Emi Yoshikawa, Ripple’s vice president of strategic initiatives, said in a statement.
The expansion Ripple CEO Brad Garlinghouse told CNBC earlier this month that the cryptocurrency industry faces a “hostile regulatory environment” in the United States.
Ripple said last year that the Asia-Pacific region is “one of the fastest growing regions” and that it will continue to “prioritize the adoption of cryptocurrency payments services in the region.”
Ripple to become Tokyo-based in April Hash Key DX We will launch a supply chain finance solution using XRPL into the Japanese market. SBI Ripple Asia In 2016, it formed a joint venture with SBI Holdings, a Japanese financial services company, to drive the adoption of Ripple payment solutions in the region.
Ripple said the XRP ledger will be used to issue official Expo NFTs for millions of visitors to the 2025 World Expo in Osaka, Japan. The non-fungible tokens are unique virtual-world objects that come in the form of artwork, audio and video, and are stored and verified using blockchain technology.
Ripple received a full license to operate in Singapore in October after establishing the city as its Asia-Pacific headquarters in 2017.
Ripple announced the launch of its US dollar-denominated stablecoin in April, with company president Monica Long saying it would “probably” happen this year.
The U.S. Securities and Exchange Commission announced in October The charges were dropped. In December 2020, Ripple filed a lawsuit against Garlinghouse and co-founder Chris Larsen, alleging that Ripple violated the law by selling XRP without registering the tokens with the SEC.