Ripple climbs 4%, partners with Futureverse and Yonsei University to boost XRPL in Asia Ripple climbs 4%, partners with Futureverse and Yonsei University to boost XRPL in Asia
Ripple's strategic moves in Asia drive XRP's 4% surge.
2 min read
Updated: Sep. 3, 2024 at 11:38 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple has announced new strategic partnerships in South Korea and Japan to strengthen crypto infrastructure for institutional adoption, according to a Sept. 3 post on social media platform X.
Ripple’s CEO Brad Garlinghouse stated that the moves would enhance XRP Ledger’s (XRPL) programmability and show how crypto-native companies like Futureverse are increasingly adopting the firm’s enterprise solutions.
Following the news, Ripple’s XRP token reversed a weeklong decline, rising 4% in the last 24 hours to $0.5687 as of press time, according to CryptoSlate’s data.
Futureverse partnership
On Sept. 2, Ripple announced a strategic alliance with Futureverse to manage its assets securely through an integration with Ripple Custody.
Under this partnership, Futureverse will enable secure, compliant Know Your Customer (KYC) verified access to DeFi via its Ottó blockchain. The firm will also leverage Ripple Custody to ensure digital assets are safely received and stored before being minted on the Ottó blockchain.
Futureverse, known for its work in artificial intelligence and the metaverse, develops scalable, interoperable applications and experiences.
As an active participant in the XRPL ecosystem, Futureverse already uses the XRPL NFT standard, benefiting from the network’s low fees and high performance.
XRPL’s programmability update
Ripple also announced plans to introduce new programmability features, including smart contracts, to the XRPL development ecosystem by 2025.
The XRPL’s enhanced programmability will be driven by two key developments, including the launch of native smart contract capabilities on the XRPL mainnet and the introduction of the XRPL EVM (Ethereum Virtual Machine) sidechain.
These updates aim to provide developers, entrepreneurs, and users with more customizable options, driving innovation and attracting more developers to the XRP Ledger.
Partnership with Korea’s Yonsei University
Lastly, Ripple’s University Blockchain Research Initiative (UBRI) added Korea’s Yonsei University as its 58th global partner to advance academic research across various fields, including artificial intelligence, finance, and information systems.
Further, the move will facilitate hackathons and fund the launch of an XRPL validator at Yonsei University.
Since its launch in 2018, UBRI has secured over $60 million in funding to support academic excellence and research.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.