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XRP’s Hidden Purpose: How It Was Meant to Break Banking Monopolies

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Key Takeaways:

  • XRP was designed to eliminate financial middlemen, not support banks.
  • Ripple’s founders initially opposed institutional dominance.
  • XRP Ledger aimed to empower individuals and businesses, not institutions.

Blockchain consultant Panos Mekras has refuted a common myth regarding XRP by stating that it was never intended for banks. He reiterated that Ripple’s creators did not favor traditional financial institutions and middlemen.

The XRP Ledger was created to disrupt the traditional banking system and provide a decentralized platform for transactions.

The idea that the token was designed for banks originated with Bitcoin maximalists and was adopted by some influencers.

In practice, it is just the opposite. XRPL was created to be a superior Bitcoin with faster transactions, built-in tokenization and a decentralized exchange (DEX). It was created for the masses and for enterprises and not for big finance.

Ripple’s Founders and Their Shift in Focus

It was designed by David Schwartz, Arthur Britto, and Jed McCaleb and launched in June of 2012 before there was even a company by the name of Ripple.

It was not until months later that Chris Larsen came on board and Ripple Labs Inc. (then OpenCoin) was formed. Day one produced 100 billion tokens and no amount greater possible.

Initially, Ripple Labs did not plan to work with banks or facilitate cross-border payments. They wished to create an open financial system that bypassed traditional gatekeepers like banks, credit card companies, and PayPal. This was about reducing costs, avoiding delayed transactions, and preventing censorship.

But in 2014, Ripple shifted direction and set about to connect with banks. This was not to cater to large financial institutions but to facilitate smaller banks to compete with the large financial institution-owned monopoly of SWIFT.

XRP’s Original Purpose Remains Unchanged

Mekras explained that although Ripple took a strategic pivot, XRP and XRPL were designed for financial decentralization all along. Even Ripple’s originators did not prefer having centralized parties manage transactions.

David Schwartz’s own experience of having been banned by PayPal was part of what motivated XRPL’s development. The vision was to give users total control of funds without interference by corporations.

Today, the token remains a tool for decentralization and financial empowerment. While Ripple has been working with financial institutions to implement it, the founding vision of XRPL remains: tearing down financial walls and returning control to people.

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XRP Ledger (XRPL) Update 2.4.0 Unveiled: New Features & Security Fixes

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Takeaways:

  • XRPL version 2.4.0 introduces key amendments and security enhancements.
  • A new subdomain has been added for a smooth transition to the new XRPL Foundation.
  • The update includes bug fixes, improved validator security, and API refinements.

The latest release of XRPL version 2.4.0 is now available, introducing significant updates to enhance network security and functionality. This version of rippled, the core server implementation of the XRP Ledger, brings in a set of amendments and improvements aimed at streamlining blockchain operations.

Among the major highlights are amendments like DynamicNFT, PermissionedDomains, and DeepFreeze, which expand the network’s flexibility and security. These changes improve transaction management and access controls within the XRP Ledger.

A key update in this release is the ability to mint mutable NFT objects, allowing changes to their associated metadata. This feature will help developers and businesses using XRP Ledger to create more dynamic NFT projects.

The DeepFreeze amendment now enables token issuers to halt asset transfers when necessary. Additionally, new security measures prohibit the transfer of liquidity pool tokens containing frozen assets.

Migration to the New XRPL Foundation

In line with the XRPL Foundation’s recent structural changes, a new subdomain has been introduced to support the transition. The new subdomain, unl.xrplf.org, will eventually replace the older vl.xrplf.org.

This staged migration ensures continuous network participation without disruptions. The latest release also updates the validators-example.txt file to include a new public key published by the XRPL Foundation, ensuring a seamless switch.

These changes allow validators and node operators to migrate without affecting network stability. The updates provide a structured approach to maintaining the integrity of the Unique Node List (UNL), preventing potential downtimes. Further details on this transition will be announced by the XRPL Foundation in upcoming updates.

Technical Improvements and Bug Fixes

The 2.4.0 release also includes technical improvements and bug fixes. A new simulated API method allows users to test transactions before executing them, improving reliability. Additional logging features have been introduced to enhance transparency in network validations and proposals.

Bug fixes address previous issues, including those related to validator votes, Windows compatibility, and transaction flag errors. Code optimizations improve performance by reducing unnecessary processes, while improved ledger security enables validators to set minimum agreement levels for trusted nodes.

These updates reinforce the XRP Ledger’s efficiency and reliability. By refining transaction processing, security protocols, and developer tools, this release continues to enhance XRPL’s role as a scalable and secure blockchain network.

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XRP Holds 0.888 Fib Support, Analysts Predict Breakout in March

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  • Ripple consolidates within a triangle, signaling a possible breakout by mid-to-late March.
  • Whale sell-offs increase pressure, but Ripple holds key support at $2.07 amid recovery.
  • XRPL’s DeFi upgrades and ETF progress enhance its institutional adoption prospects.

Ripple (XRP) has maintained relative stability while many altcoins have faced steep declines. Analysts suggest that the token is forming a consolidation pattern, which could result in a major breakout by mid-to-late March. 

Despite resistance at key downtrend levels, Ripple continues to find support at crucial Fibonacci retracement levels. Market watchers anticipate price movements based on these technical formations, while significant whale activity raises concerns about selling pressure.

Technical Analysis and Key Support Levels

Charting Guy, a crypto analyst, highlights that XRP has been trading sideways for months while most altcoins have dropped significantly. Recently, the token was rejected at downtrend resistance but is now holding firm at an uptrend support level, aligning with the 0.888 Fibonacci retracement. The consolidation phase within this triangle pattern suggests that Ripple may trade within this range until it reaches the apex around mid-to-late March.

EGRAG CRYPTO analyzed Ripple’s four-hour chart and noted that after seven consecutive red candles, the price has shown signs of recovery with three green candles. If the token establishes support around $2.07, it could confirm a double-bottom pattern, potentially leading to an upward movement. To capitalize on potential price dips, EGRAG CRYPTO suggests placing spot limit orders at $2.00, $1.855, and $1.73, while cautioning against leverage trading.

XRP Whale Activity and Market Impact

Ali Martinez, a prominent crypto analyst, reported that XRP whales have offloaded over 370 million tokens within 96 hours. This significant sell-off has exerted downward pressure on the token’s price, contributing to its recent decline. 

While Ripple is currently trading at $2.28, reflecting a 4.73% increase in the past 24 hours, it has experienced an 11.29% drop over the past week. Despite the selling pressure, Ripple maintains a substantial market capitalization of $132.42 billion.

XRPL Developments and Spot ETF Progress

The XRP Ledger (XRPL) is advancing its institutional DeFi ecosystem, aiming to provide a scalable and compliance-friendly Layer 1 solution. Key upgrades include an Automated Market Maker (AMM) integrated into its order-book DEX, a new Decentralized Identity (DID) system to enhance KYC and AML compliance, and a Multi-Purpose Token (MPT) standard for tokenized assets. These innovations position XRPL as a robust infrastructure for financial applications.

Meanwhile, Brazil has approved a spot XRP exchange-traded fund (ETF), and the U.S. SEC has acknowledged filings for similar products. Additionally, the SEC recently dropped cases against Coinbase, OpenSea, and Robinhood, signaling potential progress in the legal battle involving Ripple. 

XRP Recovers 3.2% After Stunning 88,000-Transaction Freeze

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  • XRPL halted for 64 minutes, delaying about 88,000 transactions before validators restored operations.
  • Ripple price rebounded 3.2% to $2.53 after briefly dipping to $2.45 during the halt.
  • Centralization concerns resurfaced, with critics citing Ripple’s ability to restart all 35 nodes at once.

Ripple’s XRP Ledger (XRPL) suffered a network halt lasting 64 minutes on Feb. 4, preventing transaction validations. The disruption occurred at block height 93,927,174 before validators successfully rebooted the blockchain at 10:58 am UTC.

Ripple’s Chief Technology Officer, David Schwartz, acknowledged the issue, stating that while consensus appeared to be functioning, validations were not being published. This caused nodes to drift apart, leading to the network freeze.

Schwartz confirmed that validator operators manually intervened to set a unified starting point and restart the ledger. He noted that Ripple is still investigating the root cause of the incident, adding that the network may have spontaneously recovered with minimal intervention.

Impact on XRP Transactions and Market Reaction

The XRP Ledger processes between 30,000 to 60,000 unique senders daily, executing approximately 2 million transactions, according to XRPSCAN. The 64-minute halt delayed an estimated 88,000 transactions. However, RippleX reassured users that customer funds remained safe throughout the incident.

Despite the brief outage, the token showed resilience. The token dropped to a 24-hour low of $2.45 during the network halt but rebounded by 3.2% to $2.53, according to CoinGecko. Ripple remains a standout performer, surging 396% since Nov. 5 following Donald Trump’s election victory.

The network disruption reignited concerns about XRP Ledger’s centralization. Daniel Keller, CTO of the Ledger network node operator Eminence, pointed out that all 35 validator nodes resumed operations in unison. Critics argue that such coordinated restarts highlight Ripple’s control over the network, a contrast to decentralized blockchains like Ethereum, which boasts over 1 million daily active validators.

Ripple has long maintained that the Ledger blockchain operates on a decentralized consensus model. However, recurring debates suggest that market participants remain skeptical about the firm’s influence over network governance.

The network halt comes as Ripple CEO Brad Garlinghouse advocates for the token’s inclusion as a U.S. reserve asset. Trump’s crypto advisor, David Sacks, is reportedly exploring the potential for XRP to play a role in national financial reserves. Any regulatory endorsement could further cement XRP’s position in the market despite the latest technical setback.

US Treasury’s XRP Wallet: A Scam or Legit? Key Details Revealed

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  • US Trеаsury-linkеd XRP wаllеt rаisеd suspicions аftеr trаding fаkе tokеns for millions in XRP.
  • Xumm vеrifiеd thе wаllеts but clаrifiеd KYC doеsn’t confirm orgаnizаtionаl lеgitimаcy or аffiliаtion.
  • Fаkе tokеns lаbеlеd “Bank of America” аnd “JPMorgan” rаisеd concеrns of аn еlаborаtе crypto schеmе.

Rеports suggеst thаt the United States Treasury mаy hаvе crеаtеd аn аccount on thе XRP Lеdgеr, spаrking significаnt dеbаtе within thе cryptocurrеncy community. This dеvеlopmеnt follows sеvеrаl disclosurеs аnd dаtа points from XRP-rеlаtеd plаtforms, rаising both еxcitеmеnt аnd skеpticism.

DROPoholic, аn XRPL community mеmbеr, wаs аmong thе first to highlight this dеvеlopmеnt. According to DROPoholic, а purportеd US Treasury wallet аppеаrеd to intеrаct with а Bаnk of Amеricа аccount. Thе wаllеt, аctivаtеd on Jаnuаry 21, rаisеd еyеbrows whеn it sеt its domаin to homе.trеаsury.gov, thе officiаl wеbsitе of thе US Trеаsury.

Xpost
Source: DROPoholic

Suspicious Token Activity on XRPL

Immеdiаtеly аftеr its аctivаtion, thе wаllеt crеаtеd trustlinеs for tokеns lаbеlеd “Bank of Amеrica,” “BlackRock,” аnd “JPMorgan,” еаch with а stаggеring issuаncе of onе trillion tokеns. Thеsе tokеns, howеvеr, wеrе еntirеly fаkе аnd аppеаrеd to bе pаrt of аn еlаborаtе schеmе. 

To аdd to thе dеcеption, thе wаllеt initiаtеd multiplе trаdеs, sеlling millions of thеsе frаudulеnt tokеns for XRP. Thе lаrgеst trаdе involvеd 299 million JPMorgаn tokеns for 33.23 million XRP, еquаting to аn еxchаngе rаtе of 0.11 pеr tokеn.

Thе crеаtion of this wаllеt coincidеd with thе inаugurаtion of Donаld Trump on Jаnuаry 20, fuеlling hopеs for morе fаvorаblе crypto rеgulаtions. Circlе CEO Jеrеmy Allаirе hintеd thаt thе nеw аdministrаtion might issuе еxеcutivе ordеrs to simplify crypto аdoption for bаnks. Mеаnwhilе, Bаnk of Amеricа CEO Briаn Moynihаn еxprеssеd willingnеss to intеgrаtе cryptocurrеnciеs if rеgulаtors providе clеаr guidеlinеs.

Xumm’s Response to Verification Doubts

Thе situаtion grеw morе pеrplеxing аs XRPScаn dаtа indicаtеd thаt Xaman, formеrly known аs Xumm, hаd vеrifiеd thеsе wаllеts. Although mаny in thе XRP community wеrе аlrеаdy skеpticаl, thе vеrificаtion аddеd а lаyеr of confusion. Somе sаw this аs а possiblе sign of lеgitimаcy, whilе othеrs quеstionеd thе procеss bеhind thе vеrificаtion.

Wietse Wind, foundеr of Xumm, clаrifiеd thаt thе plаtform mеrеly displаys blockchаin dаtа thаt is аccеssiblе to thе public. Hе еxplаinеd thаt аnyonе could modify domаin fiеlds аnd issuе tokеns, еmphаsizing thаt thе еxistеncе of а wаllеt doеs not confirm its lеgitimаcy.

Community mеmbеr Krippеnrеitеr sought furthеr clаrificаtion on whеthеr Xumm hаd conductеd thе KYC for thеsе wаllеts. Wind invеstigаtеd аnd confirmеd thаt whilе thе аccounts wеrе indееd KYC-compliаnt, thеy wеrе crеаtеd by diffеrеnt individuаls bаsеd in thе Philippinеs. Hе rеitеrаtеd thаt KYC only vеrifiеs idеntity аnd doеs not confirm orgаnizаtionаl аffiliаtion or rеlеvаncе.

Wind urgеd cаution, аdvising usеrs to rеly on officiаl confirmаtions from crеdiblе еntitiеs bеforе drаwing conclusions. Hе аlso notеd thаt it is rеlаtivеly еаsy for аnyonе to еdit thе tаg of аn XRP аddrеss to rеflеct аn orgаnizаtion’s nаmе without аny аctuаl аffiliаtion. Similаr incidеnts occurrеd prеviously, including onе involving аn аccount fаlsеly linkеd to Elon Musk.

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XRP Ledger Activity Surges With NVT Ratio Spike and $44M Transaction Volume

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  • XRP Ledger sees a spike in activity with higher transaction throughput and a sharp rise in the NVT Ratio.
  • NVT Ratio reached 1,162 on November 2, signaling increased transaction traffic through the XRP network.
  • On-chain transactions hit $44 million on November 2, suggesting growing demand for XRP in cross-border payments.

The XRP Ledger has seen a spike in activity in recent days with higher than normal transaction throughput being recorded in the recent past. In a recent X post, analytical platform CrypotQuant reported that this uptick in activity is accompanied by a sharp rise in the NVT (Network Value to Transaction) Ratio. The NVT Ratio has increased showing a stronger trend in on-chain activity, which means that the usage of the XRP network for the transfer of value has increased.

One of the most important indicators of network activity is the NVT Ratio, which is obtained by dividing the network’s market capitalisation by the daily on-chain transaction volume. In other words, it provides a sense of how the value of a blockchain is connected to the number of transactions it handles.

XRP NVT Ratio Surge

The ratio became significantly higher and grew several times, particularly, on November 2nd. On that day, the NVT Ratio jumped to a 1,162. This spike is important because it can be attributed to increased transaction traffic through the Ripple network.

The rise of NVT Ratio is linked to the enhanced on-chain transactional throughput on the XRPL, which hit $44 million on November 2nd. This is a significant rise in the daily transaction traffic, thus supporting the Stella bow of XRP as a means of transferring value across the ledger. Even as transaction traffic has been volatile, the network’s market capitalization has been fairly constant at $51.1 billion.

Surge In Network Activity

Increase in the on-chain transactions could be an evidence of increasing requirement for XRP for cross border payments and other financial services which can lead to further growth in coming months. Nevertheless, the sharp rise in the NVT Ratio implies that while the network is being actively used, the market capitalization of the network seems hardly proportional to the trading activities. At the time of writing, Ripple token is at $0.7024, an increase of 7.31% within the last 24 hours.

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Source: TradingView

With this, the coming days may provide more understanding if this rise in network activity is just a short-term trend or a potential for long-term increase. The Ripple community and market participants will be keenly waiting for the trend of this increase in transaction volume to affect the future of XRP Ledger.

XRPL Sparks Massive Buzz with 10,000 DROP Tokens Burned, Worth $50K

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  • XRP Ledger saw the intentional burn of 10,000 DROP tokens, worth $50,700, stirring community curiosity and speculation.
  • DROP’s current price is $5.07, down 17.44% in 24 hours, with its supply reduced to 989,000 tokens.
  • Increased use of XRPL-based memecoins may boost XRP burns, potentially driving XRP’s price higher.

The XRP Ledger (XRPL) community is buzzing after a substantial burn of DROP tokens on the network. The transaction, indexed by XRPScan, an XRPL explorer, has sparked theories on the intent behind this incineration of assets. According to XRPScan’s recent X post, 10,000 DROP tokens were burned in a transaction dated October 18 at 06:56 UTC, involving a fee of 0.000012 XRP. Although this event occurred weeks ago, XRPScan’s post has only recently brought it to light, stirring community curiosity.

Following the post, XRPScan prompted the community to hold a “moment of silence” for the burn, a statement that added both humor and intrigue. The transaction’s visibility has invited discussion from XRP enthusiasts who are split on whether this burn was a strategic decision or an accidental mishap.

Thomas Silkjaer, the Head of Analytics and Compliance at the Inclusive Financial Technology Foundation (InFTF), leaned towards a deliberate intent. Silkjaer speculated that DROP’s issuers may have orchestrated the transaction intentionally, a sentiment XRPScan shared. In a separate update, XRPScan pointed out that the account responsible for the transaction is mentioned on First Ledger’s “About” page. This detail strengthens the argument for an intentional burn, positioning it as a possible strategy to generate scarcity or create buzz around the token.

Screenshot 335
Source

DROP, a memecoin on the XRPL, is currently valued at $5.07, marking a 17.44% decrease over the past 24 hours. The recent burn of 10,000 tokens translates to $50,700, bringing DROP’s total supply down from 1 million to 989,000. The token, hosted on First Ledger, saw a peak market cap of $10 million earlier this month but has since declined to $5.01 million.

Some XRPL-based memecoins have made waves on the platform, and DROP’s journey seems to follow a similar trajectory. Market movements like these suggest that the demand and excitement around such tokens could influence XRP’s activity and, ultimately, its price.

Could XRPL-based Memecoins Lift XRP’s Price?

First Ledger, the platform hosting DROP, recently highlighted the potential influence of XRPL-based memecoins on XRP’s value. Their post suggested that the increased use of XRP-based tokens, including memecoins, could result in more XRP burns due to transaction fees. This, they argue, would lower XRP’s overall supply, potentially driving its price higher.

The mechanics behind the burn are simple yet impactful. Every transaction on XRPL incurs a fee paid in XRP, which is permanently burned. As interest in XRPL-based tokens grows, transaction volume—and thus XRP burned—could see a significant uptick.

With the total XRP burned on XRPL reaching nearly 13 million, the community continues to watch with anticipation. Will memecoins on XRPL, like DROP, serve as catalysts for XRP’s price growth? Or are they simply fads, driven by fleeting trends? Only time will tell if XRPL’s growing ecosystem of tokens will leave a lasting impact on XRP’s valuation.

XRPL Set to Unlock Massive Liquidity with RLUSD and Interledger Pools

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  • Liquidity on the XRP Ledger (XRPL) will be enhanced through interoperable Automated Market Maker (AMM) pools.
  • XRP’s price must rise to facilitate the trillions in settlement needed for daily global transactions.
  • The true circulating supply of XRP is much lower than commonly reported, significantly impacting its market dynamics.

The XRP Ledger is poised for a big boost in liquidity, while a spate of upcoming Automated Market Maker pools is soon expected. When RLUSD goes live, financial institutions as small as banks or as large as governments will be able to use their own tokens, fiat, or CBDCs and pool with RLUSD.

According to researcher Crypto Tank, those kinds of pools will be interoperable with each other through the Interledger Protocol for smoothly conducting transactions among different financial networks. Such architecture solves some of the main challenging points in the financial world: lack of liquidity, market depth for settlements, and counterparty risk.

Pairing any other currency with RLUSD provides for a more stable structure that would not easily suffer from massive price fluctuations during transactions. Using ILP, these liquidity pools will be interconnected on XRPL to give the depth needed to facilitate such high-volume transactions amounting to trillions each day. Adding the XRP as a bridge asset further fortifies this system in the facilitation of the transactions.

Scalability via ILP for Trillions in Transactions

The Interledger Protocol is Ripple’s creation with the aim of solving the scalability capabilities of the XRPL, which was designed to process global-scale transactions. Presently, XRPL processes 1,500 TPS. ILP aimed at connecting different networks and increasing TPS to prepare XRPL for trillions in daily transaction volume when banks and governments start settling on the ledger.

When the system is at full-scale use, Ripple will leverage ILP to improve transaction throughput and guarantee smooth settlements between different currencies and assets. RLUSD goes right to the heart of this strategy, considering the eventual goal of Ripple to process global liquidity at scale.

Circulating Supply of XRP Much Lower Than Expected

The actual amount in use for the settlement of transactions is way lower than the number reported in circulation, which is 56 billion XRP. The supply on the ledger does not take into account the huge amounts held by financial institutions or locked in escrow. With over 1,700 agreed Non-Disclosure Agreements, Ripple says that the true circulating supply could be between 10 and 20 billion XRP.

The approach to get such supply would mean the price of XRP shall have to be much higher to provide the needed liquidity for such huge-volume transactions. In the future, as more assets, including tokenized real estate and debt, can come into the XRPL ecosystem, the value of XRP will need to be appreciated with the growing use cases in order to ensure frictionless operations and prevent transaction failures.

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XRP Ledger: Gold and Silver Hits the Blockchain

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  • XRP Ledger onboards Meld Gold’s new stablecoins backed by Gold and Silver.
  • Each stablecoin represents 1 gram of the respective precious metal, held by renowned custody providers.
  • Meld Gold completed the first transaction involving tokenized gold yesterday.

XRP ledger welcomes a groundbreaking development as tokenization innovator Meld Gold launched its new stablecoins backed by Gold and Silver. The strategic partnership with Ripple, a leading U.S. fintech company, has paved the way for this significant development.

According to a statement from Meld Gold, each stablecoin will represent 1 gram of the respective precious metal, held by renowned custody providers MKS Pamp and Imperial Vaults. This move aims to bridge the gap between traditional finance and the digital asset world, offering investors a secure and transparent way to invest in precious metals.

Meld Gold also announced that the first transaction involving the tokenized gold was completed yesterday. The company plans to roll out these new assets throughout October, making them accessible to a wider range of investors.

XRP
XRP Ledger: Gold and Silver Hits the Blockchain 5

By introducing these precious metal-backed stablecoins onto XRP Ledger, Meld Gold is tapping into the platform’s unique features and capabilities. Users can now leverage the decentralized exchange (DEX), automated market maker (AMM), payment systems, and the upcoming Ethereum Virtual Machine (EVM) sidechain and money market to capitalize on the potential of tokenized assets.

Ripple’s New Stablecoin On XRP Ledger

This partnership between Meld Gold and Ripple marks a significant step forward in the adoption of digital assets and the tokenization of traditional assets. It demonstrates the growing interest in using blockchain technology to revolutionize financial services.

Recently, Ripple Labs’ RLUSD stablecoin went live on the XRP ledger, marking a significant milestone for the blockchain firm. A stablecoin like RLUSD aims at enhancing the utility of XRP, making it a more attractive asset for both individuals and institutions. The Ripple stablecoin was released in the private beta phase on the XRP Ledger and Ethereum mainnet. RLUSD’s creation was one of the many efforts that Ripple is making to attract high-value, liquid assets into the XRP Ledger.

Ripple Unleashes XRPL Innovation In Japan and Korea With New Fund

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Ripple, the global leader in enterprise blockchain and crypto solutions, has launched the XRPL Japan and Korea Fund to encourage innovation on the XRP Ledger, two of the world’s most dynamic markets. The fund will be used to support various initiatives that enable the utilization of XRPL utility in these regions.

According to the announcement, Corporate partnerships will be a focal point. Collaboration with leading companies in Japan and Korea are integrating the XRP Ledger and pursuing enterprise use cases across various industries. Developer grants provide funding and technical support to promising projects on the XRPL.

Additionally, Ripple will invest in early-stage startups using the XRPL to create new and exciting use cases, and the fund will also sponsor community growth through local events, hackathons, and educational programs designed to engage and expand local XRPL communities.

Ripple’s 1 Billion XRP Commitment

This initiative is part of Ripple’s broader 1 Billion XRP commitment to support developers building on the XRP Ledger through the XRPL Grants and XRPL Accelerator programs. Tens of millions of dollars from this commitment will go towards opportunities in Japan and Korea.

Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, 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. It also underscores our unwavering commitment to fostering innovation in the local XRP Ledger communities, and we look forward to seeing the transformative impact of this fund in these vibrant markets.

Japan and Korea are already home to some of the most vibrant and rapidly growing XRPL communities, supported by strong institutional partnerships and progressive regulatory frameworks. Announced in May 2024, Wave 7 of the XRPL Grants program awarded funding to Japan-based VWBL and Korea-based Moai Finance.

VWBL, or “Viewable” protocol, encapsulates encrypted data using NFTs for verifying real-world scenarios, for instance, medical exams. Moai Finance aims to build a multi-chain DEX and cross-chain DEX aggregator that will help boost the liquidity and utility of the XRPL community. Meanwhile, Ripple is strongly marking its presence in these markets, with prominent executives attending events like WebX Asia in Japan and Korea Blockchain Week.

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