San Francisco-headquartered blockchain firm Ripple Labs has launched a new fund in Japan and South Korea aimed at fostering XRP Ledger (XRPL) innovation and adoption in the two markets. The XRPL Japan and Korea fund is part of a broader commitment from Ripple, allocating 1 billion XRP to support various projects that catalyze the growth and development of the XRPL ecosystem as it continues to fortify its presence in Asia-Pacific.
With XRP now valued at $0.4806 per coin at today’s prices, enthusiasts speculate whether the token can break past its next psychological resistance region around $0.55 and potentially hit a new lifetime peak above the $3 line.
Ripple Introduces Massive APAC Fund
Ripple stole the spotlight on Tuesday following the launch of its Japan and Korea fund, demonstrating Ripple’s commitment to boosting innovation and utility of the XRP Ledger in the APAC region.
The funds will be used to forge corporate partnerships, offer developer grants, make startup investments, and promote community growth.
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
“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,” posited Ripple’s vice president of strategic initiatives, Emi Yoshikawa, in a June 11 official statement.
Notably, this APAC funds initiative is part of Ripple’s ongoing commitment of 1 billion XRP to provide financial, technical, and business support to developers within the XRP Ledger.
It’s worth noting that Ripple has long been a notable force in APAC. Ripple chief Bradley Garlinghouse has continually hailed Japan for its crypto-friendly laws and even hinted at moving the firm’s global headquarters from the U.S. to Japan.
Ripple’s Asian Expansion Skyrockets Despite SEC Shadow
Ripple previously solidified its presence in Japan via a tie-up with Tokyo-based HashKey DX to bring XRPL-powered enterprise solutions to the Japanese market. It also established SBI Ripple Asia in 2016 — a joint venture with Japanese financial giant SBI Holdings, to push the adoption of Ripple payments solutions in the region.
SBI VC Trade, the crypto trading unit of SBI Holdings, started running its validator on the XRP Ledger in May, a move that Ripple’s Yoshikawa described as a “huge step” for the XRP Ledger.
Ripple’s growth in Japan comes despite its protracted lawsuit in the United States over the sale of the XRP cryptocurrency via an unregistered securities offering. As the SEC vs Ripple suit continues to unravel, the new fund in Japan and Korea — two powerful economies in East Asia — will help Ripple further strengthen its presence in the APAC region, which could soon reflect in the price of XRP.
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