Major Korean Exchanges Renames XRP

In a notable shift within the South Korean cryptocurrency market, three of the country’s largest exchanges—Coinone, Upbit, and Bithumb—have officially changed the name of XRP on their platforms.

Previously, XRP had been labeled as “Ripple coin” in South Korea, reinforcing a long-standing misconception that XRP and Ripple are the same entity. The recent name adjustment aligns with global market standards and helps clarify the distinction between the cryptocurrency and the San Francisco-based payment firm Ripple.

Correcting an Old Misconception

For years, many South Korean investors referred to XRP as “Ripple coin,” which incorrectly suggested it was synonymous with Ripple, the U.S.-based technology company. This confusion stems from XRP’s history—when the digital asset was first introduced, it was commonly called Ripple.

Additionally, Ripple holds a significant amount of XRP, approximately 37.43 billion tokens, valued at around $91 billion. The company’s large holdings have contributed to the perception that it directly controls XRP, even though XRP operates on the decentralized XRP Ledger (XRPL), independent of Ripple.

Another factor in the confusion is the role of Jed McCaleb, one of the original architects of the XRP Ledger. McCaleb is a Ripple co-founder but later left the company to create Stellar (XLM), another blockchain-based digital asset. His involvement in both projects further blurred the lines for many investors.

XRP and the XRP Ledger: A Crucial Distinction

A recent post by Vet (@Vet_X0), a validator on the XRP Ledger, highlights an essential difference within the XRP ecosystem. According to Vet, XRP is a neutral digital asset that exists on the XRP Ledger, where it is used for transaction fees, reserves, and liquidity functions.

Meanwhile, Ripple is a private company that develops enterprise-focused blockchain solutions, some of which leverage XRP to improve cross-border payments. The post emphasized that while Ripple plays a role in the XRP ecosystem, the two should not be considered interchangeable.

Why the Name Change Matters

The decision by South Korea’s leading exchanges to rename XRP reflects a broader effort to align with international terminology. Most global exchanges list the asset simply as XRP, avoiding unnecessary associations with Ripple.

The change is significant because South Korea has one of the most active cryptocurrency trading communities in the world and how an asset is perceived there can influence its adoption and understanding.

This update also helps reinforce a more accurate representation of XRP’s decentralized nature. By removing the term “Ripple coin,” Korean exchanges ensure that investors and traders have a clearer understanding of the asset they are dealing with.

As the cryptocurrency market matures, such clarifications become increasingly important, ensuring investors have the right information when making decisions.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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