XRP News: Ripple Strengthens XRP Innovation And Utility In APAC Region

Highlights

Ripple to launch the XRP Ledger Japan and Korea Fund.
It focus on corporate partnership, developer subsidy, startup investment, and community growth.
XRPL Japan and Korea Fund is part of Ripple's 1 billion XRP commitment.
XRP price trades 2% down at $0.486 amid crypto market selloff.

XRP News: Crypto and blockchain leader Ripple on Tuesday said it is launching XRP Ledger Japan and Korea Fund. The dedicated fund will drive innovation and utility of XRP Ledger (XRPL) in the Asia Pacific region, with a focus on robust initiatives including corporate partnership, developer subsidy, startup investment, and community growth.

The XRP Ledger Japan and Korea Fund will allow corporations, startups, developers, community members, and other entities to apply and benefit from the fund. The company will further release details on the application process for the dynamic Japanese and Korean markets.

Ripple Launch XRP Ledger Japan and Korea Fund

Crypto payments firm Ripple’s will further boost XRP adoption and XRP Ledger (XRPL) in the countries witnessing massive demand for the technology. Ripple has major partners including firms, banks, and platforms around the world revolutionizing payments and crypto adoption.

XRPL Japan and Korea Fund is part of Ripple’s 1 billion XRP commitment for XRPL development and expansion through the XRP Grants and XRPL Accelerator programs, as per the press release. The fund will support initiatives such as:

Corporate Partnerships: Collaborate with leading companies in Japan and Korea to integrate the use of the XRP Ledger and explore enterprise use cases across a range of industries
Developer Grants: Provide funding along with technical and business support to promising projects being developed on the XRP Ledger
Startup Investments: Identify and invest in early-stage companies leveraging the XRP Ledger to build new and exciting use cases
Community Growth: Support for local events, hackathons and educational programs to engage and grow the local XRP Ledger communities

The fund underscores “our unwavering commitment to fostering innovation in the local XRP Ledger communities, and we look forward to seeing the transformative impact of this fund in these vibrant markets,” said Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple.

XRP Adoption in APAC

Ripple, RippleX, and partners in the APAC region, such as $7.8 billion financial giant SBI Holdings in Japan, have driven major XRP adoption globally. In fact, over 60 banks representing 80% of the Japanese banking industry have partnered with Ripple.

The company’s key executives will be attending and speaking at major industry events in August and September, such as WebX Asia in Japan and Korea Blockchain Week to show its commitment to these markets.

At press time, XRP price trades at $0.486, down nearly 2% in the last 24 hours amid panic selloff across the market due to US inflation data and Fed interest rate decision this week. The trading volumes jumped 75% in the last few hours.

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