- Ripple partners with Seoul-based Catalyze Research to enhance the understanding and adoption of the XRP Ledger (XRPL) in South Korea.
- Despite impressive XRP trading volumes in South Korea, Ripple affirms the partnership is aimed at boosting developer engagement with XRPL, not capitalizing on trading trends.
Ripple, the company behind the renowned cryptocurrency XRP and the XRP Ledger (XRPL), is joining forces with Catalyze Research, a Seoul-based firm, to consolidate its foothold in South Korea. This move comes as Ripple continues to explore avenues for expanding its business and bringing its services to new territories, following its partial triumph in a prolonged legal tussle with the Securities and Exchange Commission (SEC).
XRPL, a peer-to-peer blockchain network launched by Ripple’s three engineers in June 2012, boasts 116 active validators as of July 27. The collaboration between Ripple and Catalyze Research is set to devise an educational program for developers, aimed at promoting awareness and understanding of XRPL.
The partners plan to host various events such as workshops, meetups, and hackathons to facilitate the integration of decentralized applications (dApps) on the XRPL platform. Ripple, describing Catalyze Research as a “scrappy” firm, has been working with them for about a year. Ripple’s blockchain analysis team, embedded in the Web3 ecosystem, possesses substantial experience with blockchains like Avalanche and Tezos. Hence, this collaboration with Catalyze Research is a strategic move to enhance developer participation on XRPL.
Markus Infanger, a Vice President at Ripple, dubbed South Korea as a “dynamic market” while lauding its robust developer community.
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“South Korea has emerged as a vibrant hub for blockchain and Web3 technology, with a strong developer community that has showcased remarkable innovation and expertise,”
Despite the frequent instances of increased XRP trading volumes in South Korea compared to other countries, Ripple clarified that the motivation behind this partnership isn’t driven by these trading patterns. From January to May, XRP was the most highly traded cryptocurrency on South Korean exchanges, second only to Bitcoin (BTC). In this period, XRP’s trading volumes amounted to nearly $24.5 billion, almost triple that of Ethereum (ETH), which had around $9 billion.
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