Ripple's Million-Dollar Gamble: Transforming Japan and Korea into Blockchain Titans

June 11, 2024 at 02:41 PM GST 2 mins read Latest News

Ripple has launched a new fund targeting XRPL innovation and adoption in Japan and Korea, as part of its $1 million initiative.
Over 60 financial institutions in Japan, representing 80% of the market, have adopted Ripple’s blockchain technology.
SBI VC Trade, a subsidiary of Japan’s SBI Holdings, plans to build a validator node of the XRP Ledger, supporting Ripple’s blockchain efforts.

Ripple has announced the creation of a new fund to accelerate XRPL innovation and adoption in Japan and Korea. The fund, which is a component of Ripple’s $1 million initiative, will provide XRPL developers with commercial, technical, and financial support. XRPL Accelerator and XRPL Grants programs will be used to direct this support.

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We're proud to launch the XRPL Japan & Korea Fund to boost innovation & utility on the #XRPL in APAC! 🇯🇵🇰🇷

Includes:
🤝 Corporate Partnerships
💸 Dev Grants
🌱 Startup Investments
🎓 Community Growth

Learn how the fund fosters innovation and growth: https://t.co/zFSekIekrC
— RippleX (@RippleXDev) June 10, 2024

Ripple aims to capitalize on the promising prospects in these areas. To drive XRPL innovation, the emphasis will be on developing corporate partnerships, startup investments, developer grants, and community development.

Vice President of Strategic Initiatives at Ripple, Emi Yoshikawa, underlined the strategic selection of Korea and Japan for this fund due to their strong interest in blockchain technology and its possible applications.

The announcement also comes after a noteworthy action taken by SBI VC Trade, a division of SBI Holdings. The organization has made the decision to construct an XRP Ledger validator node highlighting how blockchain technology from Ripple is becoming increasingly popular in Japan. More than 60 financial institutions in the country have already adopted Ripple’s blockchain solutions, accounting for 80% of the market.

The new fund also intends to give the developer community in these areas significant support by providing funding and initiatives that will enable developers to create and expand upon the XRPL platform.

Ripple’s XRPL Japan and Korea Fund is a big step toward supporting blockchain development. It is anticipated that the initiative will propel significant progress in the blockchain industry in these important markets. The potential for growth and development in blockchain technology in Japan and Korea is highlighted by Ripple’s commitment and the involvement of significant financial institutions.