Ripple Makes Major Moves: Introduces XRPL Japan and Korea Fund, Acquires Standard Custody
Ripple, a leading blockchain company, made two groundbreaking announcements on June 11, 2024, signaling its commitment to growth and innovation. The company unveiled the XRPL Japan and Korea Fund, aimed at fostering innovation on the XRP Ledger (XRPL) within the vibrant Japanese and Korean markets. This fund will support various initiatives, including corporate partnerships, developer subsidies, startup investments, and community expansion.
The XRPL Japan and Korea Fund is part of Ripple’s 1 billion XRP commitment to provide financial, technical, and commercial assistance to developers working on the XRP Ledger through programs like XRPL Grants and XRPL Accelerator. Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, expressed the company’s confidence in Japan and Korea as key players in blockchain innovation and emphasized their dedication to driving progress in the local XRP Ledger communities.
In another significant move, Ripple completed the acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets. This acquisition, which received regulatory approval, adds a trusted entity regulated by the New York Department of Financial Services to Ripple’s license portfolio, expanding its reach across various jurisdictions.
These developments come on the heels of Ripple’s announcement regarding the launch of a US dollar-backed stablecoin, RLUSD. Despite facing scrutiny from regulatory bodies, Ripple’s CEO Brad Garlinghouse remains optimistic about the stablecoin’s potential, citing the projected growth of the stablecoin market from $150 billion to potentially $2-3 trillion in the near future.
As Ripple continues to make strategic moves and expand its offerings, the company remains focused on driving innovation and growth within the blockchain ecosystem.