July 24, 2024
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Blockchain News

Ripple Takes Notice of South Korea, Looks to Boost XRPL Adoption

Ripple, the blockchain technology giant, has set its sights on expanding its business operations and advancing into new territories following its legal victory over the SEC. In a strategic move, Ripple announced a groundbreaking partnership with Seoul-based firm Catalyze Research to bolster awareness of their innovative XRP Ledger (XRPL) in South Korea.

Seoul, South Korea – Ripple, the brainchild of three visionary engineers, launched the XRP Ledger in June 2012, positioning it as a peer-to-peer blockchain network. With 116 active validators as of July 27, XRPL has demonstrated its potential for fostering decentralized applications (dApps) on its platform.

A Joint Effort for Developer Empowerment:

In an exclusive statement, Ripple and Catalyze Research revealed their plans to develop an XRPL education program tailored to developers. This visionary initiative aims to provide the necessary tools, knowledge, and resources to facilitate the seamless integration of dApps on the XRPL platform. Alongside the education program, the companies plan to host workshops, meetups, and hackathons, fostering a thriving developer community around XRPL.

The Ideal Collaboration:

Ripple’s collaboration with Catalyze Research did not happen overnight; the two entities have collaborated for nearly a year. Ripple praised Catalyze Research as a “scrappy” firm, highlighting its expertise in the Web3 ecosystem and extensive experience with blockchain networks like Avalanche and Tezos. Their combined prowess positions them as natural allies in their endeavor to drive increased developer engagement on XRPL.

Markus Infanger, a Vice President at Ripple, expressed excitement about the potential in the South Korean market. He hailed it as a “dynamic market” and commended the country’s developers for their remarkable innovation and expertise in blockchain and Web3 technology.

A Journey Beyond Trading Volumes:

Contrary to speculations, Ripple clarified that the partnership with Catalyze Research was not primarily driven by the high XRP trading volumes observed in South Korea. However, it’s undeniable that the country has seen impressive trading activity in XRP, second only to bitcoin (BTC) on South Korean crypto exchanges from January to May. During this period, XRP’s trading volumes reached an impressive $24.5 billion, nearly tripling the trading volumes of ether (ETH), which stood at around $9 billion.

As Ripple and Catalyze Research embark on their joint mission to nurture XRPL’s growth in South Korea, the world watches with bated breath to witness how this partnership will shape the landscape of blockchain adoption in the country.