In Japan and South Korea, Ripple introduces a new fund to fuel blockchain innovation.

• On Tuesday, Ripple announced the launch of a fund for Japan and Korea, aimed at promoting blockchain innovation in these countries.
• Ripple's vice president of strategic initiatives, Emi Yoshikawa, stated that the launch of this fund is a reflection of Ripple's conviction that Japan and Korea will play a crucial role in driving blockchain innovation in the region.
• The crypto industry encountered a "unfriendly regulatory climate" in the U.S.

Ripple has launched a fund for Japan and Korea to drive innovation on the XRP Ledger and expand its presence in Asia-Pacific.

Ripple's native cryptocurrency, XRP, is powered by the XRP Ledger, an open-source public blockchain designed for corporations. Ripple utilizes blockchain and crypto to enable real-time, cross-border payments.

Ripple announced on Tuesday that the XRPL Japan and Korea Fund will be used to support corporate partnerships, developer grants, startup investments, and community growth, as part of its commitment to providing financial, technical, and business support for developers, which was announced in March 2022.

Ripple's vice president of strategic initiatives, Emi Yoshikawa, stated that the launch of this fund is a reflection of Ripple's conviction that Japan and Korea will play a crucial role in driving blockchain innovation in the region.

Earlier this month, Ripple CEO Brad Garlinghouse stated on CNBC that the crypto industry is facing a "hostile regulatory environment" in the U.S.

Last year, Ripple stated that Asia-Pacific is one of its fastest-growing regions and will continue to prioritize the region for the adoption of its crypto payment services.

In April, Ripple collaborated with HashKey DX to introduce XRPL-based supply chain finance solutions to the Japanese market. Additionally, in 2016, Ripple established a joint venture with SBI Holdings, called SBI Ripple Asia, to promote the use of Ripple payment solutions in the region.

The XRP Ledger will be employed for issuing official Expo NFTs for millions of attendees at the World Expo 2025 in Osaka, Japan. Non-fungible tokens are unique virtual world objects that are stored and verified using blockchain technology.

Since establishing its Asia-Pacific headquarters in Singapore in 2017, Ripple has been fully licensed to operate in the city-state as of October.

This year, Ripple is likely to launch a U.S. dollar stablecoin, as announced by its president Monica Long in April.

In October, the U.S. Securities and Exchange Commission (SEC) withdrew allegations against Garlinghouse and co-founder Chris Larsen in their December 2020 lawsuit accusing Ripple of violating laws by selling XRP without registering it with the SEC.