Catalyze Research, a prominent consulting firm specializing in Web3 and blockchain technology, has formed a strategic partnership with Ripple, a global leader in enterprise blockchain and cryptocurrency solutions, to boost the XRP Ledger’s influence on the South Korean market.
South Korea’s burgeoning Web3 developer community, acknowledged for its blockchain expertise and innovation, is set to benefit from this alliance, according to a recent blog post announcing the partnership.
Ripple is a major player in the XRP ecosystem and a consistent supporter of the XRP Ledger’s development, known for backing the layer-1 network for years. The XRP Ledger is known for its fast and cheap transactions, which along with “reliability, security, and enterprise-grade protocol capabilities” helped it become a “trusted platform for settlement and liquidity of tokenized assets over the past decade,” the post adds.
The partnership will utilize Catalyze Research’s profound understanding of Web3 and the South Korean landscape, enabling them to drive XRPL’s expansion in the country. The strategic roadmap includes the creation of a comprehensive XRPL education program catered to South Korean developers.
It also includes engaging the local developer community through a host of workshops, meetups, and hackathons, and strategizing seamless integration of decentralized finance (DeFi) and non-fungible token (NFT) decentralized applications on the XRP Ledger.
Markus Infanger, VP of RippleX Growth at Ripple, said:
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. Through our collaboration with Catalyze Research, we aim to further strengthen the presence of the XRPL in this dynamic market.
The announcement adds that the implications of this collaboration extend beyond the XRPL community, with the broader South Korean blockchain industry standing to gain via access to “international networks and substantial technical support, thereby elevating the quality of South Korean blockchain technology.”
Investors have been notably favoring XRP after a recent ruling in a case between the U.S. Securities and Exchange Commission (SEC) and Ripple saw a federal judge determine XRP “is not necessarily a security on its face.”
As CryptoGlobe reported, crypto investment products focused on three major altcoins – Stellar ($XLM), $XRP, and Solana ($SOL ) – all saw major inflows this month, which led to significant rises in their assets under management, even though the main surge in assets under management came from Bitcoin ($BTC) products.
According to CCData’s latest Digital Asset Management Review report, the positive performance of these altcoins helped the total assets under management of these products experience a miner increase of 1.14% to $33.7 billion, marking the second consecutive monthly growth. AUM for these products has grown 71.5% so far this year.
Featured image via Pixabay.