XRP, one of the largest cryptocurrencies by market capitalization, is also a top option for South Korean investors, a Ripple partner recently revealed.
The crypto community is already aware that a big fraction of XRP investors come from South Korea. XRP is the second most held asset on one of the country’s most popular exchanges, Bithumb, and is easily one of the largest cryptocurrencies by trading volume in South Korea.
However, in a soon-to-be-released interview with Crypto Eri, Josh Kim, a Ripple partner leading the adoption of the XRP Ledger in South Korea, shared additional insights into XRP adoption in the country.
Precisely, he noted that about five million South Koreans, or roughly 10% of the South Korean population, hold XRP far more than they do any other cryptocurrency.
He further cited recently published government agency research as showing that the South Korean community accounts for at least 15% of the XRP circulating supply. Despite certain regulatory issues, Josh Kim expects the country to maintain its lead in the adoption of XRP and XRP Ledger.
Sneak Peek Clip with @yoshi_korean
Official @Ripple & @futureverse partner@xrplkorea10% of the Korean population owns #XRP
Korea represents 15% of all #XRP in circulation
Korea is about 50% of the global #XRP Volume. (Strict laws were adopted to eliminate wash-trading)… pic.twitter.com/E49x1YfatT
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) February 26, 2024
Driving XRP Ledger in South Korea Through DeFi and Gaming
Continuing in the interview, the Ripple partner underlined his unwavering commitment to accelerate XRPL and XRP adoption in South Korea.
Josh Kim added that such an outcome is realized by identifying XRPL use cases and encouraging developers to launch services that improve people’s lives.
Speaking about key areas of focus for the team, he spotlighted DeFi and gaming. He listed one DeFi project that has already launched on XRPL and generating significant on-chain metrics.
Next, he also mentioned that South Korea is the fourth largest gaming nation in the world, hence the need to focus on onboarding game developers to the XRPL ecosystem.
Meanwhile, Josh Kim alluded to the fact that XRPL already offers scalability through sidechains such as The Root Network. Without revealing specifics, he claimed the Root Network will onboard leading gaming IPs in the South Korean gaming industry by mid-year.