Ripple this week announced a series of initiatives aimed at strengthening blockchain infrastructure through strategic initiatives and technological innovations in Asia, Japan and South Korea. These developments reflect Ripple’s determination to solidify its position and work to advance blockchain technology.
A notable partnership has been established with Futureverse, a company specialising in AI and metaverse technology. Ripple Custody will provide secure asset storage for Futureverse, which is leveraging the XRP Ledger (XRPL) NFT standard and integrating XRP as the gas token on the Root Network.
Additionally, Futureverse is connected to XRPL's decentralised exchange (DEX), which will improve liquidity across the network. This collaboration highlights Ripple's focus on integrating XRPL within cutting-edge technological sectors.
Ripple is making strides to enhance the XRPL ecosystem by introducing new programmability features. By 2025, the company plans to launch an XRPL Ethereum Virtual Machine (EVM) sidechain, which will bring smart contract capabilities to XRPL developers.
Ripple is also considering the possibility of implementing native smart contracts directly on the XRPL Mainnet. These enhancements are expected to broaden XRPL's appeal, making it a more attractive platform for innovation.
Furthermore, Ripple has already committed $1 billion to the XRPL, with a significant portion of that investment directed towards Japan and South Korea. Tens of millions of dollars have been allocated to projects in these regions, signalling Ripple's belief in their potential as blockchain innovation hubs.
Ripple's University Blockchain Research Initiative (UBRI) continues to expand, with Yonsei University in Korea joining as its 58th global partner. This collaboration is part of Ripple's ongoing effort to promote academic excellence and research in blockchain technology.
Since UBRI's inception, over $60 million has been invested in universities worldwide, providing strategic resources, technical support, and funding grants. Yonsei University's involvement is expected to play a key role in advancing blockchain research across multiple disciplines.
Ripple's recent actions underscore its commitment to driving innovation in blockchain technology. By focusing on key markets in Asia and forming strategic partnerships, Ripple is positioning the XRP Ledger as a leading blockchain platform.
These initiatives are likely to enhance Ripple's global presence and further the adoption of blockchain in cross-border transactions.
Ripple's recent partial legal victory in the United States has also bolstered its standing on the international stage.
With the current regulatory environment in the US posing challenges for blockchain innovation, Ripple's success in other regions may prove crucial to its continued growth.
Ripple has decided against an IPO in 2025, citing its strong financial position and lack of need for external funding. Instead, the company is focusing on strategic acquisitions and long-term growth, such as its $1.25 billion purchase of Hidden Road.
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