Ripple Labs is doubling down on its presence in Japan, building on long-standing relationships with the country's traditional financial institutions. The strategy aims to increase popularity and interest in the XRP Ledger (XRPL).
This week, Asia Web3 Alliance Japan and Web3 Salon launched the Japan Financial Infrastructure Innovation Program. The initiative is designed to support Japanese startups developing next-generation digital financial solutions that meet the requirements of the XRP Ledger.
The program opened applications on December 19 and offers a $10,000 grant per startup. It is narrowly focused on three important verticals, including stablecoins, real asset tokenization, and credit infrastructure.
“Japan offers tremendous opportunities for blockchain innovation, supported by a forward-thinking regulatory framework and a large talent pool. This program represents Ripple’s commitment to fostering a vibrant ecosystem where startups can leverage the speed, low cost and reliability of the XRP Ledger to create real value and transform financial infrastructure,” said Christina Chan, Senior Director of Developer Development at RippleX.
Analysts see it as a low-cost funnel to identify candidates for Ripple's much larger pool of capital, including a $1 billion XRP fund aimed at developers in Japan and Korea.
The program has secured the support of a huge list of influential players, including Mizuho Bank, SMBC Nikko Securities and Securitize Japan.
Despite widespread corporate support for the initiative, it comes at a dangerous time for the network. While Ripple touts institutional adoption, XRPL's underlying usage tells a conflicting story of decline.
