Ripple Expands Japan Footprint as JFIIP Targets Regulated XRPL Innovation

• Ripple has partnered with the Asia Web3 Alliance Japan and Web3 Salon to support Japanese financial solutions building on XRPL.
• The three will partner with Mizuho Bank and other leading Japanese firms to support local startups deploying dApps on XRPL.

Japan has been one of Ripple’s main markets, with its longtime partner SBI spearheading dozens of XRP, RLUSD, and XRPL adoption initiatives, as CNF has reported. The California company is now expanding its presence in the East Asian country with a partnership that could enable dozens of startups to deploy their solutions on the XRP Ledger (XRPL).

Ripple has partnered with the Asia Web3 Alliance Japan (AWAJ) and the Web3 Salon to launch the new initiative. Dubbed the Japan Financial Infrastructure Innovation Program (JFIP), the new program aims to support local startups building compliant financial solutions on XRPL, AWAJ says.

The three have also partnered with some of Japan’s largest companies, including Mizuho Bank, SMBC Nikko Securities, asset tokenization firm Securitize Japan, and Tokyo-based VC firm Hirac Fund.

In their announcement, the partners stated that they will support startups innovating in three key areas: tokenization of real-world assets, stablecoins, and payments and credit infrastructure. Japan has been a key market for Ripple, and the latest partnership will further build upon its presence, commented Christina Chan, the senior director of developer growth at RippleX.

She added:

$10,000 Grant, Global Exposure

Japan is one of the few countries that has balanced investor protections and promotes innovation. This has fostered a thriving blockchain community that goes beyond speculation and is building decentralized infrastructure powering finance, supply chain management, health, social media, and trading applications. The XRP Ledger is one of the most dominant networks, and the latest partnership will further this market leadership.

Ripple says:

Among the benefits will be grants of up to 1.55 million yen ($10,000), with priority consideration in future Ripple global grants. They will also get to collaborate with the XRP ecosystem’s business partners (which include BNY Mellon, Standard Chartered, and Bank of America) to test the commercial feasibility of their projects.

The program will culminate in a Demo Day in February next year for the participants to showcase their projects to investors, policymakers, and industry leaders. AWAJ says:

XRP trades at $1.84, and while it trades marginally higher for the day, it has dipped 17% in the past month.