Ongoing Ripple – SEC lawsuit has no impact on the adoption of Ripple’s remittance platform
According to Rahul Advani, Ripple’s head of Asia-Pacific policy, the blockchain company Ripple plans to enter the Korean market in earnest this year.
Ripple plans to expand to the Korean market following ODL’s massive adoption
Advani also stated that the ongoing Ripple – SEC lawsuit does not affect the adoption of Ripple’s remittance platform, namely On-Demand Liquidity (ODL). However, speaking of the company’s intended move, he said no plans to launch Ripple’s Liquidity Hub in South Korea.
— WrathofKahneman (@WKahneman) April 27, 2022
As part of its preparations for entering the Korean market, Ripple said in March that it has partnered with Oxford Metrica, a UK-based consulting firm, and GBC Korea, a platform blockchain-based M&A platform based in Seoul, to publish a whitepaper providing a policy framework for digital assets and cryptocurrencies in South Korea.
The article, titled “A Policy Framework for Blockchain and Digital Assets in Korea,” offers policymakers and Korean regulators recommendations on further developing the blockchain landscape by enacting a smart regulatory framework and financially incentivizing institutions from across the region to participate.
Ripple continues to expand throughout the Asia Pacific, with South Korea the next priority. The region leads the way in digital banking and has emerged as a global leader in solutions digital payment methods. In particular, Korea has a long history of being an early adopter of new technology and embracing innovations such as blockchain and digital assets.
South Korea is also a thriving region, with a total digital asset market value of $45.9 billion. BTC (13.6%), ETH (12.4%), and XRP (10.2%) are the top three digital assets traded on South Korean exchanges, with a total daily is $9.4 billion.
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