Ripple Makes Major Moves with Launch of XRPL Japan and Korea Fund and Acquisition of Standard Custody
Ripple made significant announcements on June 11, 2024, with the introduction of the XRPL Japan and Korea Fund and the acquisition of Standard Custody, marking important milestones for the company’s growth and expansion.
The XRPL Japan and Korea Fund, unveiled by Ripple, is aimed at fostering innovation on the XRP Ledger (XRPL) within the vibrant Japanese and Korean markets. This fund will support various initiatives to drive innovation on the XRP Ledger in both countries, including corporate partnerships, developer subsidies, investments in startups, and community growth.
As part of its commitment to provide financial, technical, and commercial support to developers working on the XRP Ledger, Ripple has allocated 1 billion XRP to initiatives like the XRPL Grants and XRPL Accelerator programs. Emi Yoshikawa, vice president of strategic initiatives at Ripple, emphasized the company’s confidence in Japan and Korea as key centers for blockchain innovation, highlighting their dedication to fostering innovation within the local XRP Ledger communities.
In a separate announcement, Ripple confirmed the completion of the acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets, following the necessary regulatory approvals. This acquisition adds a regulated trust company to Ripple’s license portfolio, which includes various licenses across the U.S., as well as licenses from regulatory bodies in Singapore and Ireland.
The acquisition of Standard Custody comes on the heels of Ripple’s plans to launch a U.S. dollar-backed stablecoin. Despite facing criticism from the United States Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse remains optimistic about the future of the company’s proposed stablecoin, RLUSD, citing the significant growth potential of the stablecoin market.
In a recent interview with CNBC, Garlinghouse projected a substantial increase in the stablecoin market from $150 billion to potentially $2-3 trillion in the coming years, underscoring the vast growth opportunities in this space.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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