Ripple Aims to Fund XRP Ledger Projects in Japan and Korea

Ripple wants to support innovation of the XRP Ledger in Japan and South Korea.

The enterprise blockchain and cryptocurrency solutions company announced in a Tuesday (June 11) press release the launch of the XRPL Japan and Korea Fund, designed to “provide support for a range of robust initiatives to foster innovation on the XRP Ledger in both countries.”

These include partnerships with leading companies in Japan and Korea to integrate the use of the XRP Ledger blockchain; support for local events involving XRP Ledger communities; grants to fund projects being developed on the XRP Ledger; and investment in early-stage companies using the XRP Ledger for “new and exciting use cases,” according to the release.

The fund is part of Ripple’s $1 billion commitment to support developers building on the XRP Ledger, with “tens of millions of dollars” expected to go toward projects in Korea and Japan, the release said.

“The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation,” said Ripple Vice President of Strategic Initiatives Emi Yoshikawa in the release.

Meanwhile, Ripple partnered with Clear Junction Wednesday (June 5) to combine Clear Junction’s cross-border payments solutions and Ripple’s enterprise blockchain and crypto solutions.

“Forward-thinking firms are increasingly exploring the potential of blockchain solutions for simplifying cross-border payment execution while capturing improved cash flow and liquidity management,” PYMNTS reported Friday (June 7).

If blockchain-based cross-border payments move from the realm of the experimental to essential, it will transform how businesses transact with each other around the globe.

“There are two big things businesses want,” Boost Payment Solutions founder and CEO Dean M. Leavitt told PYMNTS in April. “The first is cross-border payments mechanisms that are cost-effective and efficient in paying their suppliers abroad. That’s a clear desire on the enterprise B2B level. And the other thing is just broadly digitizing the ways in which businesses pay and get paid.”

Against that backdrop, cryptocurrency’s potential to reshape existing cross-border payments workflows and modalities is becoming tougher for firms seeking an operational edge to ignore as they look to expand internationally.