[NEWS] Ripple begins accepting applications for Japan-Korea fund to promote innovation on XRP Ledger

Ripple has announced that it has begun accepting applications for its Japan-Korea Fund. It is calling on members of the XRP Ledger (XRPL) community in both countries to apply for grants for innovative projects.

Ripple began accepting applications from companies, developers, and community members on the 2nd, and has begun providing grants to XRPL-based projects.

According to the announcement, the XRP Ledger Japan-Korea Fund is a market-specific fund to accelerate XRPL innovation in the Japanese and Korean markets.

The fund welcomes applications from companies and developers. It will provide support for a variety of initiatives, including corporate partnerships, startup investments, developer grants, and community growth.

Ripple established the XRPL Japan-Korea Fund in June to accelerate innovation on the Ripple (XRP) blockchain in the rapidly evolving cryptocurrency market.

The Japan-Korea Fund is an important part of Ripple's broader effort to invest 1 billion XRP (approximately $500 million = 80.5 billion yen) to promote innovation on XRPL.

The initiative will provide comprehensive support to developers and provide financial, technical and business resources through the XRPL Grants and XRPL Accelerator programs.

Ripple has committed to allocating the equivalent of 1 billion XRP to support promising projects and opportunities in Japan and Korea over the long term.

The launch of the XRPL Japan-Korea Fund could be a turning point in Ripple’s efforts to promote blockchain innovation and adoption in Asia.

Community celebrity Crypto Eri expressed optimism about the future of XRP and its blockchain in Asia, saying he believes this new initiative will uncover innovative use cases, disrupt traditional business models and pave the way for a new era of growth and adoption.

80% of Japanese banks partner with Ripple

Ripple recognizes that there is already a vibrant XRPL community in Japan and Korea, fueled by strong institutional partnerships, a progressive regulatory environment and a growing number of innovative blockchain startups.

In addition, 80% of Japanese banks have partnered with Ripple for blockchain payments, and the company's innovative technology is already recognized in the country. The faster and cheaper transactions guaranteed by this partnership underscore the importance of Ripple in Japan's financial industry.

The seventh round of the XRPL Grant Program also provided funding to two Japan-Korea based projects, VWBL and Moai Finance, to further develop and expand their solutions on the XRP ledger.

Reference: Ripple announcement
Image: Shutterstock

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