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- Ripple has launched the XRPL Japan and Korea Fund to boost innovation and utility on the XRP Ledger in the Asia Pacific region.
- The fund has already facilitated significant projects, such as VWBL in Japan and Moai Finance in Korea, aimed at enhancing data security and asset fluidity on the XRPL.
Ripple made headlines on Monday, June 10, with the unveiling of a significant initiative aimed at fostering innovation and adoption of XRPL in the Asia Pacific region. The announcement detailed the launch of the XRPL Japan and Korea Fund, signaling Ripple’s commitment to enhancing innovation and utility on the XRPL platform in APAC.
As per the official statement, the Fund is designed to advance innovation within the XRPL ledger specifically in Japan and Korea. It aims to achieve this through various means, including forging corporate partnerships, offering developer grants, making startup investments, and fostering community growth, as reported by Crypto News Flash. Speaking on the development, Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, said:
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.
She further provided more details on the fund’s specific objectives, focused on improving the utility and adoption of the XRP Ledger within these markets. Crucially, this initiative is part of Ripple’s broader commitment of 1 billion XRP to provide financial, technical, and business support to developers engaged with the XRP Ledger.
Ripple has also established a longstanding partnership with the Strategic Business Innovator Group (SBI) in Japan. In 2023, the SBI announced intentions to expand international remittance services utilizing XRP and Ripple products across Asian countries like Indonesia, the Philippines, and Vietnam.
Key Projects and Partnerships by Ripple
The fund has already supported notable initiatives like VWBL in Japan and Moai Finance in Korea. VWBL is developing the ‘Viewable’ Protocol, utilizing NFTs to secure and authenticate encrypted data for various real-world applications such as medical examinations. This protocol enables condition-based access control and interoperates across multiple blockchains, thereby enhancing data security and accessibility.
On the other hand, Moai Finance is dedicated to enhancing asset fluidity and utility within the XRPL community through a multi-chain decentralized exchange and cross-chain DEX aggregator. Their products aim to streamline asset swapping and liquidity provision across diverse blockchains.
Additionally, upcoming events like WebX Asia and Korea Blockchain Week, along with community gatherings in Seoul and Tokyo featuring Ripple executives, will further spotlight the XRPL and its innovative applications.
XRP Price Action
The XRP price continues to trade below the 50-day and 200-day EMAs, reinforcing the bearish trend. A break above these trend lines could pave the way for a move towards the 50-day EMA. Surpassing the 50-day EMA might enable the bulls to target the 200-day EMA.
Attention to SEC-related news and activity in the crypto case is crucial. On the downside, a drop below $0.48 could indicate a decline towards the $0.45 level. The 14-day RSI, currently at 38.47, suggests that XRP could break below $0.48 before reaching oversold territory.
