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Ripple Plans to Expand to Korean Market Following ODL's Huge Adoption

Thu, 04/28/2022 - 11:33
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Tomiwabold Olajide
Ongoing Ripple-SEC lawsuit has no impact on the adoption of Ripple's remittance platform
Ripple Plans to Expand to Korean Market Following ODL's Huge Adoption
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According to Rahul Advani, head of Ripple's Asia-Pacific policy, the company plans to enter the Korean market in earnest this year. "Ripple is particularly interested in the Korean market," the top executive stated at the "The Future of Blockchain and Digital Assets in Korea" conference, which was hosted by Ripple, GBC Korea and Oxford Metrica and took place on April 27.

He also stated that the ongoing Ripple-SEC lawsuit has no impact on the adoption of Ripple's remittance platform, specifically On-Demand Liquidity (ODL). Speaking on the company's intended move, he says there are no plans to deploy Ripple's Liquidity Hub in Korea, however.

As part of its preparations for entering the Korean market, Ripple said in March that it had collaborated with Oxford Metrica, a U.K.-based advisory firm, and GBC Korea, a Seoul-based blockchain-based M&A platform, to publish a whitepaper that offers a policy framework for digital assets and crypto in Korea.

The paper, entitled "A Policy Framework for Blockchain and Digital Assets in Korea" (with a Korean translation), makes recommendations to Korean policymakers and regulators on how to further develop the blockchain landscape by enacting a smart regulatory framework, as well as encouraging financial institutions from across the region to participate.

Ripple is continuing to expand throughout Asia Pacific, with Korea as the next priority, as the area leads the digital banking sector and has emerged as a global leader in digital payment solutions. Korea, in particular, has a long history of being an early adopter of new technology and has embraced new innovations such as blockchain and digital assets.

Korea, too, is a thriving sector, with a total market value of $45.9 billion in digital assets. BTC (13.6%), ETH (12.4%) and XRP (10.2%) are the top three digital assets traded on Korean exchanges, with daily transactions totaling $9.4 billion.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.