- Ripple partner Josh Kim highlights that about 10% of South Korea’s population prefers XRP, indicating its strong regional adoption.
- Kim focuses on DeFi and gaming to drive XRPL usage, with plans to integrate major gaming IPs into the XRPL ecosystem by mid-year.
Ripple’s partner, Josh Kim, has shed light on the growing preference for XRP in South Korea, marking a significant stride in the adoption of digital assets within the country. Roughly five million people, or 10% of the population, are thought to choose XRP over other cryptocurrencies, making South Korea a crucial market for Ripple’s growth plans.
The 2nd most held coin in Bithumb, Korea’s second-largest exchange, is $XRP; with a total of 1.38 million people holding it. https://t.co/QiuUF6zNFH
— XRPL Korea (@xrplkorea) February 22, 2024
The fact that the whole country possesses at least 15% of the XRP in circulation, a figure backed by studies conducted by official agencies, further emphasizes this preference.
Josh Kim’s efforts in promoting the XRP Ledger (XRPL) in South Korea are about fostering a strong community around XRP and driving practical applications of the technology. Kim is driving the movement for wider adoption of XRPL and XRP in the area by concentrating on the creation of applications that seek to improve daily living. This strategy is critical to the ledger’s expansion since it makes use of South Korea’s technical ecosystem to foster inventions that have the potential to become industry standards.
The focus areas identified for XRPL’s growth include Decentralized Finance (DeFi) and the gaming sector, which hold substantial promise in the South Korean market. Promising on-chain metrics from an ongoing DeFi experiment on XRPL suggest that the ledger can accommodate more of these kinds of projects.
Additionally, as South Korea is the world’s fourth-largest gaming market, the inclusion of developers in the XRPL ecosystem is likely to open up new possibilities for blockchain applications in the gaming industry.
Regulatory Dialogues and The Path Forward
The dialogue between regulatory bodies such as South Korea’s Financial Supervisory Service (FSS) and the U.S. Securities and Exchange Commission (SEC) highlights the evolving landscape of digital finance regulation. These discussions are essential for creating the future legal framework that will control the expansion of digital assets like XRP. They seek to incorporate Bitcoin ETFs and Non-Fungible Tokens (NFTs) in the category of virtual assets.
Kim also emphasized how XRPL provides scalability options, especially via sidechains like The Root Network. The anticipated onboarding of major gaming IPs in South Korea onto this network by mid-year hints at significant progress in merging blockchain technology with the gaming industry, a move that could revolutionize how gaming economies operate.
Josh Kim’s strategic focus on DeFi and gaming demonstrates his unshakable dedication to growing XRPL and XRP’s presence in South Korea. Kim is establishing the foundation for a more accessible and inclusive digital finance ecosystem by identifying and supporting XRPL use cases that directly improve people’s lives. Utilizing the South Korean gaming sector’s enormous potential, the XRPL ecosystem strongly emphasizes onboarding game developers.
It is consistent with the overarching objective of stimulating innovation in the blockchain domain. Through strategic initiatives in DeFi, gaming, and regulatory engagement, Ripple is enhancing the utility and adoption of XRP and contributing to the evolution of digital finance.
At the time of writing, XRP was up 4% in the last 24 hours and was trading at $0.6. Furthermore, there has been a 100% growth in XRP volume, currently at 1 billion.
