Ripple Ally Reports 10% of South Koreans Hold XRP
Highlights
- Ripple partner Josh Kim highlighted the strong adoption of XRP in South Korea, noting that about 10% of the population prefers XRP over other cryptocurrencies.
- South Korea holds at least 15% of XRP's circulating supply, showcasing the country's significant investment in the digital asset.
- Despite regulatory hurdles, there's a strong push to expand the use of the XRP Ledger (XRPL) in South Korea through various practical applications.
Ripple partner Josh Kim revealed significant insights into adopting XRP in South Korea. According to Kim, approximately 10% of South Korea’s population, estimated at around five million individuals, prefers XRP over other cryptocurrencies. This revelation underscores the digital asset’s strong foothold in one of Asia’s most vibrant economies. Kim, who is at the forefront of promoting the XRP Ledger (XRPL) in South Korea, cited research from a government agency indicating that the South Korean community holds at least 15% of XRP’s circulating supply.
Despite facing regulatory challenges, South Korea continues to lead in adopting XRP and the XRPL technology. Kim’s commitment to expanding the usage of XRPL in the country is evident through his efforts to identify and promote practical use cases for the ledger. His strategy involves encouraging developers to create applications that enhance everyday life, accelerating the adoption of XRPL and XRP in the region.
Ripple to Enhance XRPL with South Korean Games
In the interview, Kim pinpointed DeFi (Decentralized Finance) and gaming as key areas for XRPL’s growth in South Korea. He highlighted a DeFi project already operational on XRPL that has shown impressive on-chain metrics, signifying the potential for more such initiatives to thrive on the platform.
Furthermore, considering South Korea’s fourth-largest global gaming market, Kim emphasized the importance of integrating game developers into the XRPL ecosystem. This approach aims to leverage the country’s gaming industry to expand the usage of XRPL, thereby enriching the ledger with diverse applications.
Kim also touched upon the scalability solutions offered by XRPL, specifically through sidechains like The Root Network. He teased the potential onboarding of major gaming IPs in the South Korean market onto this network by the middle of the year, suggesting significant advancements in integrating blockchain technology within the gaming sector.
Regulatory Discussions and Digital Finance Evolution
The increasing interest in cryptocurrencies and digital assets has led to crucial discussions between regulatory bodies, including South Korea’s Financial Supervisory Service (FSS) and the U.S. Securities and Exchange Commission (SEC). These deliberations, set to cover the inclusion of Bitcoin ETFs and Non-Fungible Tokens (NFTs) within the scope of virtual assets, signify a pivotal moment in regulating digital finance. The meetings between these regulatory giants are anticipated to address the growing complexities and challenges of overseeing the rapidly expanding realm of digital assets.
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