American blockchain giant company, Ripple, recently touched down in Korea and Japan, securing value partnerships that would support the spread and utility of blockchain technology among institutions. The announcement comes amid a wave of speculation going around the crypto community about the lack of growth in the value of the XRP coin regardless of its visible utility.
Moreover, Ripple is preparing to pay the $125 million fine levied by the U.S. court for violating federal securities laws by offering XRP to institutional investors. Recall that the judge imposed civil penalties and ordered Ripple to make payments within 30 days from when the ruling was made.
Ripple Recent Partnerships Details
In a long X (Twitter) thread today, the California-based blockchain firm informed its users and the broader crypto community of its recent partnerships aiming to strengthen the foundation of crypto infrastructure to support blockchain utilization for institutional adoption. In the post, Ripple highlighted three major developments.
Ripple is on the ground this week in Korea and Japan, starting off with a few key announcements â all in service of the goal to strengthen the foundations of crypto infrastructure to support blockchain utility and usability for institutional adoption.
â Ripple (@Ripple) September 3, 2024
Ripple Partners With Futureverse for Asset Custody
The first update is a strategic partnership with Futureverse to securely custody its assets. Futureverse is an artificial intelligence and metaverse company that deploys open, scalable, and interoperable apps, games, and experiences. Moreover, Futureverse has been a long-time player on the XRPL (XRP Ledger).
The company already leverages the XRPL NFT standard, which utilizes the networkâs low transaction fees and high-performance capabilities and uses XRP as its gas token on its root blockchain. Additionally, Futureverse is integrated with the XRPL decentralized exchange as a liquidity provider.
Speaking on the development, the Managing Director of APAC at Ripple, Fiona Murray, said âOur continued collaboration with Futureverse underscores Rippleâs dedication to supporting Web3 projects and communities with secure and scalable custody solutions.â
New Programmability Features to XRPL
Ripple also informed its users that along with the broader XRP community, it is committed to bringing new programmability futures including smart contracts to the XRPL dev ecosystem in 2025. With this move, developers, entrepreneurs, and users will have additional customizable options for more use cases. Consequently, this move will increase innovation and attract developers to the ever-expanding XRP Ledger.
Also, Ripple pointed out that the programmability of XRPL will improve through two major developments; the launching of native smart contract capabilities on the XRPL mainnet, and the introduction of the XRPL EVM (Ethereum Virtual Machine) sidechain. Notably, the XRPL EVM Sidechain, which is already nearing live deployment on the Devnetis, is developed in collaboration with the Peersyst blockchain firm.
Koreaâs Yonsei University Partners With Ripple UBRI
Meanwhile, Rippleâs University Blockchain Research Initiative (UBRI) revealed that it had onboarded Korea-based Yonsei University as its 58th global partner to drive and enhance academic research. The UBRI program has been dedicated to supporting academic excellence and best-in-class research by offering strategic support, technical resources, and funding.
3/ Rippleâs University Blockchain Research Initiative added Koreaâs Yonsei University as our 58th global partner! With $60M+ committed to #UBRI, this program is driving academic excellence and best-in-class research through strategic support, technical resources, and grants.⊠pic.twitter.com/JJjJUEq0TM
â Ripple (@Ripple) September 3, 2024
Notably, since the launch of UBRI in 2018, the program has secured over $60 million in funding from Ripple. With this partnership, Yonsei University will lead innovative blockchain research across various sectors like artificial intelligence, finance, information systems, and management.
Ultimately, Rippleâs partnerships with key institutions in Korea and Japan are strategic, to boost the adoption of blockchain technology and digital assets. This adds another layer of credibility to the blockchain firm, cementing it as one of the top players in the sector. Major welcomed updates such as these boost the confidence of its community as it works to establish a global footprint.
The post Breaking: Ripple Secures Key Partnerships in Korea and Japan to Boost Blockchain Utility appeared first on Coinfomania.
