In a recent development, the blockchain firm Ripple XRP/USD has established a fund in Japan and Korea to bolster innovation on its XRP Ledger.
What Happened: The fund is set to back corporate partnerships, developer grants, start-up investments, and community growth, CNBC reported on Tuesday.
The XRP Ledger, a public blockchain designed for corporations to facilitate real-time, cross-border payments, is powered by Ripple’s native cryptocurrency, XRP. The fund forms part of Ripple’s pledge to provide financial, technical, and business support for developers, a commitment announced in March 2022.
Emi Yoshikawa, vice president of strategic initiatives at Ripple, stated, “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.”
The fund’s establishment comes amid a “hostile regulatory environment” in the U.S., as pointed out by Ripple CEO Brad Garlinghouse. Ripple has been concentrating on the Asia-Pacific region, one of its fastest-growing areas, for the adoption of its crypto payment services.
Why It Matters: The growing significance of the Japanese cryptocurrency market has been highlighted by a series of developments, including the EOS Network Foundation’s whitelist approval from the Japan Virtual and Crypto Asset Exchange Association.
In South Korea, the “Kimchi premium” phenomenon, indicating the higher price of Bitcoin compared to global markets, resurfaced. Furthermore, South Korean traders showed increased interest in AI-linked tokens, with the country’s share of global trading volumes for such tokens rising to 18.7% in May.
Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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