- Ripple has been working on adopting its XRP Ledger in a country renowned for blockchain innovation.
- Ripple and Catalyze Research have developed an XRPL education program for developers.
- South Korea has witnessed remarkable XRP trading volumes.
Ripple’s victorious legal battle with the SEC has opened new avenues for the company to expand its reach and services to untapped markets, and South Korea seems to be its latest strategic move. Teaming up with the Seoul-based firm Catalyze Research, Ripple aims to enhance awareness and utilization of its XRP Ledger (XRPL) in the country.
Accelerating Adoption of XRPL with New Education Program
Founded by three innovative engineers in June 2012, Ripple introduced XRPL as a peer-to-peer blockchain, which has since grown to have 116 active validators as of July 27.
To accelerate the adoption of XRPL and facilitate its integration with decentralized applications (dApps), Ripple and Catalyze Research are jointly developing an XRPL education program tailored for developers. In addition, they plan to organize workshops, meetups, and hackathons to foster engagement within the community.
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Catalyze Research has earned a reputation as a “scrappy” firm, with extensive experience in blockchain analysis, particularly in the Web3 ecosystem, including chains like Avalanche and Tezos. This makes them an ideal partner to boost developer participation and innovation on XRPL.
Ripple’s Vice President, Markus Infanger, recognizes South Korea as a “dynamic market” with a highly skilled developer community. The country has established itself as a vibrant blockchain and Web3 technology hub, showcasing impressive expertise and innovation.
South Korea’s XRP Trading Skyrockets
Although South Korea has witnessed elevated XRP trading volumes compared to other nations, Ripple insists that the partnership is not solely motivated by these figures. Nonetheless, from January to May, XRP emerged as the most actively traded cryptocurrency on South Korean crypto exchanges, closely trailing only behind Bitcoin (BTC).
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During the same period, XRP’s trading volumes reached a staggering $24.5 billion, nearly triple the trading volumes of Ether (ETH), which stood at around $9 billion.
Ripple’s collaboration with Catalyze Research in South Korea represents a promising step towards broader adoption and utilization of XRPL while tapping into the country’s thriving blockchain and Web3 landscape. As the partnership blossoms, the potential for further innovations and developments within the XRPL ecosystem seems boundless.
On the Flipside
- While Ripple is looking to scale up its business and expand its services to new countries, its legal battle with the SEC is not entirely over, and some regulatory uncertainties still linger.
- Due to regulatory uncertainties and potential conflicts with traditional financial systems, the widespread adoption of blockchain technology in South Korea will take time.
Why This Matters
As South Korea continues to showcase its vibrant crypto market, this alliance could catalyze broader adoption and utilization of XRPL, bringing forth exciting opportunities and advancements for the crypto public.
To learn more about the latest updates on Ripple’s legal battle with the SEC and the legal chief’s response, read here:
Ripple’s Legal Chief Brushes Off SEC Appeal Threat with Confidence
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