Korea has solidified its position as a global leader in XRP and the XRP Ledger (XRPL) technology adoption. This is evidenced by the significant portion of the South Korean population holding XRP and the country’s active participation in developing XRPL-based solutions.
XRP, A Popular Choice for South Korean Investors
XRP, a digital asset designed to facilitate cross-border payments, has resonated with South Korean investors. It currently holds the second-highest position among all cryptocurrencies on Bithumb, one of the nation’s leading exchanges. Additionally, XRP consistently ranks among the top cryptocurrencies by trading volume in South Korea.
Read Also: Ripple CTO David Schwartz Reveals Real XRP All-Time High, Explains Why $3.84 is a Misleading Number
This widespread interest in XRP is further emphasized by a recent interview with Josh Kim, a Ripple partner spearheading XRPL adoption in South Korea. In his conversation with Crypto Eri, Mr. Kim revealed that nearly 10% of the South Korean population, approximately five million individuals, hold XRP, exceeding their holdings of any other cryptocurrency.
Supporting this claim, Mr. Kim referenced research conducted by a South Korean government agency. According to the findings, South Korean residents hold at least 15% of the total circulating supply of XRP. This statistic underscores the nation’s significant contribution to the XRP ecosystem.
Despite encountering some regulatory hurdles, Mr. Kim expressed confidence in South Korea maintaining its position at the forefront of XRP and XRPL adoption.
Sneak Peek Clip with @yoshi_korean
Official @Ripple & @futureverse partner@xrplkorea10% of the Korean population owns #XRP
Korea represents 15% of all #XRP in circulation
Korea is about 50% of the global #XRP Volume. (Strict laws were adopted to eliminate wash-trading)… pic.twitter.com/E49x1YfatT
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) February 26, 2024
Driving Innovation through DeFi and Gaming
Mr. Kim highlighted his dedication to accelerating the integration of XRPL and XRP within the South Korean market. He emphasized the importance of identifying practical applications for XRPL and actively encouraging developers to create services that enhance people’s daily lives.
Among the key areas of focus outlined by Mr. Kim were Decentralized Finance (DeFi) and the gaming industry. Recognizing South Korea’s position as the fourth-largest gaming nation globally, Mr. Kim emphasized the strategic importance of bringing game developers into the XRPL ecosystem.
Read Also: Research Says XRP Is Preferred to Bitcoin and Ethereum In Japan. Here’s why
He alluded to the potential onboarding of leading gaming intellectual properties (IPs) onto the XRPL through The Root Network, a sidechain solution offering scalability benefits. While specific details remain confidential, Mr. Kim indicated that this integration could be realized by mid-2024.
South Korea’s active participation in the XRP and XRPL landscape is undeniable. The substantial ownership of XRP by its citizens, combined with ongoing efforts to leverage XRPL’s capabilities in various sectors, positions South Korea as a key driver of innovation and adoption within the XRP ecosystem.
Follow us on Twitter, Facebook, Telegram, and Google News
