Ripple has announced strategic partnerships in South Korea as it looks to bolster blockchain adoption in the Asia-Pacific region.
One of the partnerships is with South Korea-based AI and Metaverse firm Futureverse. Ripple confirmed it would provide self-custody services for Futureverse, ensuring that customers’ assets are safely received and stored, hence securing and protecting users’ cryptocurrencies.
The Ripple Custody is a transitory storage for digital assets, as Futureverse will mint them on its Otto blockchain. Futureverse intends to provide users with safe, know-your-customer (KYC)-verified access to decentralized finance (DeFi) services.
The South Korea-based AI firm reiterated its adoption of XRPL non-fungible token (NFT) standards, leveraging on the cost-effectiveness and high performance of the XRPL network. The development also includes using XRP as Otto blockchain’s native gas fee token and the XRPL decentralized exchange as its liquidity provider.
Ripple Expands Its Horizon
Futureverse stated that with the crypto custody market tipped to reach $10 billion in the next six years, leveraging Ripple’s scalability and reliability was crucial. The AI firm also noted that it chose Ripple due to its “state-of-the-art governance framework to safeguard a wide array of digital assets.”
Futureverse’s Chief Customer Officer, Jeffrey McDonald, said the company turned to Ripple because of its magnanimous proficiencies and enduring relationship with the payment giant. Notably, Ripple accepts a wide array of cryptocurrencies, including stablecoins. It also remits local fiat to customers in over 80 different markets.
Futureverse and Ripple have a long-standing relationship dating back to 2023. The blockchain payments firm and 10T led a Series A fundraiser for Futureverse in July, which raised $54 million from investors for its metaverse push.
Ripple Announces Other Partnership
Ripple announced other partnerships on Tuesday in its push to spread blockchain adoption in Asia. Specifically, Ripple’s University Blockchain Research Initiative (UBRI) included South Korea’s Yonsei University as its partner.
Yonsei University becomes its 58th partner and the 12th in Asia. The higher institution will receive grants from Ripple to bolster blockchain adoption and integration among its students. The UBRI would host hackathons and fund an XRPL validator launch in the school.
The research program began in 2018 and has received over $60 million in funding since its inception.
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