Ripple is eyeing further growth in the Asia-Pacific region with a new fund for Japan and Korea.
The company announced on Tuesday that the XRPL Japan and Korea Fund will target blockchain innovation across the region via the XRP Ledger. Rippleâs news in Asia comes after the company partnered with Georgiaâs national bank to promote digitization of the countryâs economy. The firm also announced it closed its acquisition of Standard Custody.
Ripple launches new Japan and Korea fund
Rippleâs XRP Ledger is a decentralized, public blockchain built for business and powers the XRP cryptocurrency.
XRP and XRPL are integral to Rippleâs cross-border payments and remittances ecosystem and the companyâs launch of the Asia-focused fund could spark further adoption. The fund will focus on initiatives such as corporate partnership, grants for developers, startup investments and community growth.
The XRPL Japan and Korea Fund aligns with Rippleâs endeavour to promote crypto and blockchain ecosystems across the globe, and will tap into the companyâs 1 billion XRP commitment to this vision.
Japan and Korea are âpivotal regional hubs for blockchain innovationâ and key to this goal, Emi Yoshikawa, Ripple VP for strategic initiatives noted in a statement.
XRP boost? Ripple to invest millions in regions
As part of the program, Ripple will provide developers building on XRP Ledger financial, technical and corporate support.
The company plans to use its XRPL Grants and XRPL Accelerator programs to offer these benefits, with a âsignificantâ amount of the 1 billion XRP earmarked for this.
Ripple will thus be investing tens of millions of dollarsâ worth of XRP in this initiative, likely bolstering its adoption in countries that are increasingly becoming major crypto hubs.
Among inroads in the region include Rippleâs launch deployment of its XRPL technology to the Japanese supply chain market, achieving this via a partnership with Tokyo-based HashKey DX.
The company has also partnered with financial behemoth SBI Holdings since 2016 when they launched SBI Ripple Asia. Several banks and financial service providers have also penned deals with Ripple, potentially putting XRP on the path to unprecedented adoption.