The Ripple cryptocurrency is seen in this illustration photo taken on June 4, 2021 in Krakow, Poland.
Jakub Bolzycki | Noor Photos | Getty Images
Blockchain company Ripple launches Japan-Korea Fundaiming to promote XRP Ledger’s innovation and continuously expand its business in the Asia-Pacific region.
XRP is Ripple’s native cryptocurrency and is powered by the XRP Ledger, an open source public blockchain built for enterprises. Ripple uses blockchain and cryptocurrencies to facilitate instant cross-border payments.
The funds will be used to support corporate partnerships, developer funding, startup investments and community development, Ripple said in a statement on Tuesday. XRPL Japan and Korea Fund is Ripple promises to issue 1 billion XRP Designed to provide financial, technical and business support to developers, the program was announced in March 2022.
Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, said, “The launch of this fund demonstrates Ripple’s strong belief in the potential of Japan and South Korea as key regional hubs for blockchain innovation.”
expansion is coming Ripple CEO Brad Garlinghouse told CNBC earlier this month that the encryption industry faces a “hostile regulatory environment” in the United States.
Ripple said last year that Asia-Pacific was “one of the fastest growing regions” and that it would continue to “prioritize the adoption of its crypto payment services in the region.”
In April, Ripple partnered with Tokyo-based company Hash key DX Introducing supply chain finance solutions supported by XRPL to the Japanese market. also launched SBI Ripple Asia In 2016, it formed a joint venture with Japanese financial services company SBI Holdings to promote the adoption of Ripple payment solutions in the region.
Ripple said the XRP Ledger will be used to issue official Expo NFTs for millions of attendees at the 2025 Expo in Osaka, Japan. Non-fungible tokens are unique virtual world objects in the form of artwork, audio or video that are stored and verified using blockchain technology
Ripple received a formal license to operate in Singapore in October after establishing the city as its Asia-Pacific headquarters in 2017.
In April this year, Ripple announced that it would launch a U.S. dollar stablecoin, and its president Monica Long said that this “could” happen this year.
U.S. Securities and Exchange Commission October abandon claim A lawsuit was filed against Garlinghouse and co-founder Chris Larsen in December 2020, alleging that Ripple violated the law by selling XRP without first registering with the SEC.
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