Back in July 2023, Ripple took notice of South Korea and looked to boost XRPL adoption. The company behind XRP, the virtual currency, and the XRP ledger is working with a domestic research institution to expand its footprint in South Korea. With the partial settlement of its protracted legal battle with the SEC, Ripple is still dedicated to growing its business and offering its services in new regions.
The most recent tactical maneuver made by Ripple is in South Korea. The company declared that it is collaborating with Seoul-based Catalyze Research to raise awareness of XRP Ledger (XRPL). Vice president at Ripple Markus Infanger praised South Korea’s developers and called the nation a “dynamic market”.
“South Korea has emerged as a vibrant hub for blockchain and Web3 technology, with a strong developer community that has showcased remarkable innovation and expertise,” Infanger said in a statement.
Compared to other countries, South Korea has seen a number of high XRP trading volume transactions. Ripple disputed that those quantities were the reason for the agreement. Apart from bitcoin (BTC), XRP was the most traded cryptocurrency on South Korean cryptocurrency exchanges from January to May. Trading volumes for XRP, which came to $24.5 billion during that time, almost tripled those for ether (ETH), which was trading at about $9 billion.
Ripple Partner Unveils Impressive Statistics
The cryptocurrency community is well aware that South Korea accounts for a sizable portion of XRP investors. By trading volume, XRP is undoubtedly one of the biggest cryptocurrencies in South Korea and the second most valuable asset on Bithumb, one of the most well-known exchanges in the nation.
Josh Kim, a Ripple partner spearheading the XRP Ledger’s development in South Korea, provided more details on the country’s XRP adoption in an upcoming interview with Crypto Eri.
To be more precise, he mentioned that five million people in South Korea, or around 10% of the nation’s total population, own more XRP than any other cryptocurrency.
He also cited previous studies conducted by government organizations that show at least 15% of the XRP in circulation is owned by South Koreans. Josh Kim believes the nation will maintain its position as a leader in the adoption of XRP and XRP Ledger in spite of regulatory obstacles.