According to recent data, the Ripple-affiliated XRP cryptocurrency is far more popular with Japanese investors compared to Ethereum (ETH).
XRP has an 18% share of the tokens stored on Japanese exchanges.
Ethereum (ETH) comes in third place with a 14.4% share of the market.
Bitcoin is in the first place with a 65% share of total exchange holdings. Notably, the share of the leading cryptocurrency has grown substantially over the past several years despite the proliferation of altcoins.
XRP's popularity does not come as a surprise given that Ripple has long had a strong presence in Japan.
Back in 2016, Japanese financial behemoth SBI teamed up with Ripple in order to launch a new crypto venture called SBI Ripple Asia.
Alex DovbnyaIn 2019, SBI CEO Yoshitaka Kitao also joined Ripple's board of directors.
Back in 2020, Ripple also considered moving its global headquarters to Tokyo amid legal troubles in the U.S. However, it then decided to stay on its home turf in San Francisco.
Ripple CEO Brad Garlinghouse has repeatedly praised Japan as one of the most crypto-friendly jurisdictions. In 2021, Japan's financial regulatory watchdog clarified that XRP was not a security in the middle of Ripple's legal battle with the SEC in the US.
Last year, Ripple also launched a new fund focused on Japan and South Korea in order to promote blockchain innovation in these two markets.
SBI Group has also agreed to use XRP Ledger, which is a first for the Japanese market.
As reported by U.Today, XRP has also gained significant traction in South Korea, which is known for having a penchant for altcoins. In fact, South Korean traders were the main driving force behind the massive XRP rally that took place in the fourth quarter of the year.
Dan Burgin
Vladislav Sopov