Ripple launches a $640 million XRPL fund to boost blockchain innovation in Japan and South Korea

One of the most prominent blockchain companies, Ripple, has initiated the XRPL Japan and Korea Fund with the intention of fostering blockchain innovation in the countries of Japan and South Korea.

As part of Ripple’s bigger intention to contribute one billion XRP to encourage blockchain developers, the fund will provide support for corporate partnerships, awards for developers, investments in startups, and community growth.

Ripple’s CEO Brad Garlinghouse has expressed concern about the “hostile regulatory environment” in the United States, which comes at the same time that the fund is being established.

Additionally, Ripple is striving to hasten the adoption of its cryptocurrency payment services in the Asia-Pacific area, which is one of the markets that is developing at the quickest rate for the company.

It is clear that Ripple is dedicated to expansion, as evidenced by its collaborations, such as the one it has with HashKey DX, a supply chain finance company based in Tokyo. For the purpose of promoting Ripple’s payment solutions, SBI Ripple Asia was established as a joint venture between Ripple and SBI Holdings in the year 2016.

Ripple’s strong presence in the regional blockchain ecosystem is highlighted by the fact that the XRP Ledger is also issuing official non-fungible tokens (NFTs) for the World Expo 2025, which will take place in Osaka, Japan.

Ripple strengthened its position in the Asia-Pacific market by obtaining a complete license to operate in Singapore in the month of October after obtaining the license.

Within the next year, the business intends to introduce a stablecoin based on the United States dollar in order to include Ripple’s solutions into the international monetary system.

With the Securities and Exchange Commission (SEC) dropping accusations against Ripple executives in a lawsuit over XRP token sales, the company has made progress while facing legal obstacles in the United States.