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- Ripple launches XRPL Japan and Korea Fund to support blockchain innovation.
- The fund will support initiatives including corporate partnerships, developer grants, startup investments, and community growth in Japan and Korea.
The leading company in blockchain and cryptocurrency solutions, Ripple, has declared the opening of the XRPL Japan and Korea Fund. This fund is intended to support XRP Ledger (XRPL) innovation in the fast-paced markets of Korea and Japan.
The XRPL Japan and Korea Fund seeks to back a number of strong programs. Among these are working together with top Korean and Japanese businesses to integrate the XRP Ledger and investigate business use cases in a range of industries.
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 GrowthLearn how the fund fosters innovation and growth: https://t.co/zFSekIekrC
— RippleX (@RippleXDev) June 10, 2024
It also entails offering promising XRP Ledger initiatives financial, technical, and commercial assistance. Moreover, the fund will make investments in startup businesses that employ the XRP Ledger to develop novel and intriguing use cases.
It will also support regional hackathons, events, and educational initiatives aimed at involving and expanding the XRP Ledger communities in the area.
Ripple’s 1 Billion XRP Commitment
This fund is part of the $1 billion XRP commitment that Ripple made to support developers creating on the XRP Ledger financially, technically, and commercially. Tens of millions of dollars will eventually be allocated, or a large percentage of the one billion XRP, to interesting prospects in Japan and Korea specifically.
The Vice President of Strategic Initiatives at Ripple, Emi Yoshikawa, underlined that Korea and Japan have great potential to become important regional centers for blockchain development. She emphasized how committed Ripple is to supporting innovation in the nearby XRP Ledger community.
Some of the most active and fast-expanding XRP Ledger communities in the world are located in Japan and Korea. Progressive legal frameworks, a rising number of creative businesses in the blockchain sector, and solid institutional relationships support this growth.
Highlighted Projects: VWBL and Moai Finance
Wave 7 of the XRPL Grants program gave financing to projects VWBL and Moai Finance, which are situated in Korea and Japan, in May 2024. In Japan, VWBL is centered on encapsulating encrypted data with NFTs to authenticate real-world situations, such as medical exams.
Across several blockchains, it functions as a key management network and on-chain condition-based access control protocol. Within the XRP Ledger community, Moai Finance in Korea is creating a cross-chain DEX aggregator and a multi-chain DEX to enhance asset liquidity.
An automated market maker (AMM)-based decentralized system that allows for smooth asset trading across several blockchains is their main offering.
Among the important alliances Ripple has formed in Korea and Japan are a strategic alliance with HashKey DX and a joint venture with SBI Holdings. Official Expo NFTs for the World Expo 2025 in Osaka, Japan, will also be issued using the XRP Ledger.
Important leaders of Ripple will attend significant industry events like WebX Asia in Japan and Korea Blockchain Week to further demonstrate their dedication. Additionally, Ripple is planning community gatherings in Tokyo and Seoul to talk about the XRPL Japan and Korea Fund and their plans for regional XRP Ledger initiatives.
XRP Market Performance
Meanwhile, CoinMarketCap data shows that the price of XRP is now at $0.4873, down 1.86% over the last 24 hours. Over the last seven days, the price has fallen by 6.44% in a negative trend. All the same, Ripple’s efforts show that it is still committed to innovation and market expansion.
Previously, CNF reported how much of an influence Ripple has on the Japanese financial sector by highlighting that 80% of Japanese institutions have teamed with the company for blockchain payments.
