What happened?
Ripple has partnered with the Web3 Salon project by the Asia Web3 Alliance Japan to support XRPL startups in Japan. This initiative involves a grant funding program offering up to $200,000 per project over the next year, as part of Ripple’s commitment to fostering innovation through the XRPL Japan and Korea Fund. The selected projects will not only receive financial backing but also gain access to Ripple’s global partner network and expertise.
Who does this affect?
This partnership primarily affects early-stage startups in Japan that are developing on the XRP Ledger. These startups could be working on use cases like decentralized finance (DeFi) or tokenized real-world assets (RWA). In addition to these startups, the broader Web3 and blockchain community in Japan is likely to see increased engagement and development opportunities.
Why does this matter?
This initiative could significantly impact the market by accelerating Web3 innovation and adoption in Japan, especially as the country’s banking sector is already embracing XRP. By facilitating new projects and connecting them with investors and partners, Ripple is poised to enhance the ecosystem and potentially drive XRP’s broader institutional adoption. As more companies like Mercari integrate XRP trading functions, the visibility and usability of XRP in Japan are expected to grow, potentially influencing global markets.