Blockchain and payment solution company, Ripple has announced its intention to launch a special XRPL fund for the acceleration of innovation in the Asia Pacific region, particularly in Japan and Korea. This initiative will foster the utility of the XRP Ledger (XRPL), a Blockchain ecosystem focused on cross-border payments, in the APAC market.
Ripple to Support Development Through Its 1 Billion XRP Commitment
The blockchain giant disclosed that the new fund is part of its 1 Billion XRP initiative to support the advancement of XRPL projects by providing financial, technical, and business support to developers utilizing the XRP Ledger. This will be done through the XRPL Grants and Accelerator programs.
Additionally, Ripple says that a huge portion of the 1 Billion XRP, amounting to tens of millions will be allocated to robust initiatives in the aforementioned countries. Some of such initiatives include promoting collaborations with top and leading companies in Japan and Korea to incorporate XRP Ledger and explore institutional user cases for the product, providing support to bright projects developed on the XRPL, providing investments to promising startups utilizing XRPL to build new use cases, and finally to support community growth through sponsoring of events, hackathons, and educational programs in the region.
Speaking on the update, the Vice President of Strategic Initiatives at Ripple, Emi Yoshikawa, expressed her excitement to see the potential impact of the funds in the new markets. “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,”…”We look forward to seeing the transformative impact of this fund in these vibrant markets,” she said.
Ripple’s Commitment to the APAC Market
Meanwhile, Ripple already has some strategic partnerships with top technology firms in the region. Recall that in 2016, Ripple secured a partnership with SBI Holdings, a Tokyo-based financial service company, to introduce a joint venture known as SBI Ripple Asia, to promote the usage of Ripple payment solutions in the country.
Also, on April 30, Ripple announced that it had partnered with Hashkey DX, a blockchain research and security solution company, to introduce XRPL-powered solutions to Japan. Furthermore, later this year, Ripple will be sending representatives to the region to speak at major industry events happening in August and September such as WebX Asia in Japan and Korea Blockchain Week. Lastly, at the World Expo 2025 event happening in Osaka Japan next year, the XRP Ledger will be utilized to give out official Expo NFTs to millions of people in attendance.
Can XRP Price Profit From This?
As Ripple continues its global expansion, the possibility of XRP entering new markets and potentially increasing in value is high as XRP is powered by the XRP Ledger. The price trajectory of utility tokens is mostly fueled by the growing use case of the underlying project. So while investors are hoping for a significant price trend for XRP, the success of this initiative might be a needed catalyst for the purpose.
Meanwhile, the price of XRP has dropped significantly over the last 24 hours, joining the global crypto market in a bloodbath. According to fresh data from CoinMarketCap, XRP is currently changing hands at $0.47, representing a 4.60% decline over the last day. However, its 24-hour trading volume has jumped by 50.58% to $1.49 billion
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