Ripple Labs is doubling down on its presence in Japan, drawing on longstanding relationships with the country’s traditional financial institutions. The strategy is aimed at increasing adoption and interest in the XRP Ledger (XRPL).
This week, Asia Web3 Alliance Japan and Web3 Salon launched the Japan Financial Infrastructure Innovation Program. The initiative is designed to support Japanese startups developing next-generation, compliant digital financial solutions on the XRP Ledger.
The program opened applications on December 19 and is offering a $10,000 grant per startup. It is narrowly focused on three high-value verticals, including stablecoins, real-world asset tokenization, and credit infrastructure.
“Japan offers an overwhelming opportunity for blockchain innovation, supported by a forward-thinking regulatory framework and deep talent pool. This program represents Ripple’s commitment to fostering a vibrant ecosystem where startups can leverage the speed, low cost, and reliability of the XRP Ledger to create real-world benefits and transform financial infrastructure,” Christina Chan, Senior Director of Developer Growth at RippleX, said.
Analysts view it as a low-cost funnel for identifying candidates for Ripple’s significantly larger capital pool, including the 1 billion XRP fund dedicated to developers in Japan and Korea.
The program has secured backing from a formidable roster of establishment players, including Mizuho Bank, SMBC Nikko Securities, and Securitize Japan.
Despite the initiative’s high-profile corporate backing, it comes at a precarious moment for the network. While Ripple touts institutional adoption, the underlying usage of the XRPL tells a conflicting story of contraction.
