South Korea Holds 15% of XRP in Circulation, Ripple Partner Reveals

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.

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.

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.

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.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.