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Blockchain company Ripple has launched a fund in Japan and South Korea to spur innovation for its XRP Ledger network as it continues to expand in the Asia-Pacific region.
“XRP” is Ripple’s original cryptocurrency, operated by the “XRP Ledger” network.
Ripple uses blockchain technology and cryptocurrencies to facilitate real-time cross-border payments.
The funds will be used to support corporate partnerships, developer grants, startup investments and community development.
The funds for Japan and South Korea are part of Ripple’s 1 billion XRP commitment announced in March 2022 to provide financial, technical and business support to developers, Ripple said in a statement on Tuesday.
The expansion comes as the cryptocurrency industry faces a “hostile regulatory environment” in the United States, Ripple CEO Brad Garlinghouse said earlier this month.
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