Ripple price surge amidst Asian expansion

Ripple price soars following the FinTech startup’s announcement on opening an office in Singapore 
28 September 2017   2058

This Wednesday, the FinTech startup announced that it had opened an office in Singapore as part of its continuing plan to penetrate the Asian markets. The news had a great resonance in the cryptocurrency community, e.g. Ripple's price has increased significantly.

It's also noteworthy, that Ripple itself has been making a concerted effort to establish a significant footprint in the Asian banking sector recently. Thus, the company opened an office in India, as well as a base in Singapore.

Now, the Ripple price has begun growing. According to coinmarketcap.com data, following Wednesday’s 9% rally, the Ripple price has climbed to $0.204. Ripple now has a market cap of $7.8 billion which has enabled XRP to come back into the 3rd-place position in the market cap rankings, leaving Bitcoin Cash behind.

XRP on coinmarketcap.com
XRP on coinmarketcap.com

On top of that, the vast majority of Ripple trading is concentrated on the three Korean exchanges that list XRP pairs, as cryptocoinsnews.com details.

XRP trading volume chart on coinmarketcap.com XRP trading volume chart on coinmarketcap.com

As shown, Bithumb’s XRP/KRW pair accounts for more than half of Ripple’s daily volume, and traders on Korbit and Coinone added another $57 million of liquidity to that currency pair.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.