Vibe Announced the creation of the XRPL Japan and Korea Fund on June 11, 2024, marking an important strategic move to deepen its commitment to blockchain innovation in East Asia. This initiative is part of a broader commitment by Ripple, which is allocating 1 billion XRP (worth approximately $490 million) to support various activities that catalyze the growth and development of the XRP Ledger (XRPL) ecosystem.
Emi Yoshikawa, vice president of Strategic Initiatives at Ripple, described the fund as crucial to the company's strategy in the region. “The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as critical regional hubs for blockchain innovation,” Yoshikawa said. She delved into the specific aspects of the fund aimed at improving the utility and adoption of the XRP Ledger in these markets.
Key Focus Areas for Ripple's XRPL Japan and Korea Fund
1. Corporate Associations: The fund aims to forge partnerships with leading Japanese and Korean corporations to facilitate the integration of the XRP Ledger into their operations. These partnerships will explore a variety of enterprise use cases across multiple industries, leveraging XRPL's capabilities to solve real-world business challenges.
2. Grants for developers: In an effort to stimulate technological innovation, the fund will provide financial, technical and commercial support to developers working on promising projects in XRPL. This initiative not only provides funding but also aims to create an enabling environment for developers to bring their innovative ideas to life.
3. Initial investments: Ripple recognizes the potential of early-stage companies and plans to invest in startups that use XRPL to develop new applications. These investments will be directed to companies that demonstrate the potential to add significant value to the XRPL ecosystem.
4. Community Growth: To build and sustain strong local communities around the XRPL, the fund will support various community-oriented events and activities. These include local hackathons, educational programs, and other events designed to engage community members and foster a deeper understanding and mastery of XRPL technologies.
Projects and associations
The fund has already facilitated major projects such as VWBL in Japan and Moai Finance in Korea. VWBL is working on a “visible” protocol that uses nfts to encapsulate and authenticate encrypted data for real-world applications such as medical exams. This protocol enables condition-based access control and operates on multiple blockchains, improving data security and accessibility.
Moai Finance, on the other hand, focuses on improving the fluidity and utility of assets within the XRPL community through a multi-chain decentralized exchange and cross-chain DEX aggregator. Its products aim to facilitate the exchange of assets and the provision of liquidity between different blockchains.
Ripple's partnerships in the region, such as the one it had with SBI Holdings to establish SBI Taiwan Asia and its strategic alliance with HashKey DX, illustrate the company's long-term commitment to these markets. Furthermore, Ripple's participation in major industry events and its active role in community-building activities underline its strategic intentions.
Upcoming events featuring Ripple executives, such as WebX Asia and Korea Blockchain Week, along with community events in Seoul and Tokyo, will further promote XRPL and its applications. Additionally, the use of XRPL for the issuance of official nfts at World Expo 2025 in Osaka highlights the practical utility and growing acceptance of Ripple technologies at large-scale global events.
At press time, XRP was trading at $0.48432.
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