Ripple is ‘very interested’ in the Korean market; Set to enter within this year

Lavina Daryanani
Source: Forkast News

Owing to the regularity uncertainty in the United States, payment firms gradually steered away from using Ripple over the months. As a result, the company’s roots started veering abroad. At this point, over 95% of Ripple’s customers are non-US-based payment companies.

The Asian markets have been fairly welcoming to Ripple. Per the latest developments, the blockchain payments company is now eyeing the South Korean market. At the ‘The Future of Blockchain and Digital Assets in Korea’ conference held on 27 April, Rahul Advani, head of Ripple’s Asia-Pacific policy, said,

“Ripple is very interested in the Korean market.”

He went on to highlight that the company officially plans to enter the Korean market this year.

Advani later also added, “The US is slow to adopt cryptocurrency regulations compared to other countries.”

Ripple and South Korea: Joining the dots

At this point, it is interesting to note that Ripple had proposed to South Korea to make clear distinctions in cryptocurrencies between payment tokens, utility tokens, and security tokens. In mid-March, it released a policy paper outlining the same. Back then, Advani had stated,

“We believe the policy recommendations outlined in this paper strike the right balance between providing regulatory clarity while having a regulatory framework that’s forward-looking and flexible.”

In the latest conference, the exec further pointed out that narrowing the scope of digital assets should be the top priority of Korean cryptocurrency regulations. “I know that the scope of digital assets is fairly broad in Korea,” he said. “There is,” he emphasized.

State of liquidity

The company’s Asia-Pacific policy head also commented on the state of Ripple’s liquidity corridors. He said that Ripple’s ongoing tussle with the SEC did not affect the adoption of Ripple’s On-Demand Liquidity (ODL).

Most ODL corridors have been able to maintain high liquidity indexes. On the XRP/EUR corridor on Bitstamp, the LI was revolving pretty close to its ATH towards the end of Q1 ’22.

Something quite similar was noted in the XRP/MXN corridor on Bitso too.