Ripple Makes Major Moves with Launch of XRPL Japan and Korea Fund and Acquisition of Standard Custody
Ripple made two significant announcements on June 11, 2024, to further its growth and expansion. The company unveiled the XRPL Japan and Korea Fund, aimed at fostering innovation on the XRP Ledger (XRPL) in the vibrant Japanese and Korean markets. This fund will support various initiatives, including corporate partnerships, developer subsidies, startup investments, and community growth, all geared towards promoting innovation on the XRP Ledger in Japan and Korea.
The XRPL Japan and Korea Fund is part of Ripple’s commitment to provide financial, technical, and commercial support to developers working on the XRP Ledger. Emi Yoshikawa, vice president of strategic initiatives at Ripple, expressed the company’s confidence in the potential of Japan and Korea as key hubs for blockchain innovation. The fund underscores Ripple’s dedication to driving innovation within the local XRP Ledger communities and is expected to have a transformative impact on these dynamic markets.
In addition to the launch of the fund, Ripple also finalized the acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets. This acquisition adds a regulated trust company to Ripple’s license portfolio, enhancing its regulatory compliance. The completion of this acquisition comes on the heels of Ripple’s announcement of its plans to introduce a US dollar-backed stablecoin, known as RLUSD.
Ripple CEO Brad Garlinghouse remains optimistic about the future of the company’s stablecoin, despite facing criticism from the United States Securities and Exchange Commission (SEC). During a recent interview, Garlinghouse highlighted the immense growth potential of the stablecoin market, projecting a significant increase from the current $150 billion to potentially trillions in the coming years.
It is important to note that the information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.