The ongoing legal battle between Ripple and the SEC is not enough to distract the crypto exchange firm from its drive for expansion. It looks set to expand into new territory following the adoption of its remittance platform.
Rahul Advani, head of Ripple’s Asia, revealed that it plans to launch its service in the South Korean market later. Advani added that Ripple has a particular interest in the South Korean market due to its burgeoning youth population embracing crypto en masse.
Advani was speaking at a blockchain conference hosted by Ripple on April 27. The Ripple executive stressed the potential of the Korean market to advance the company’s product and service delivery. South Korea is seen as one of the countries with the potential to expand and advance Ripple’s range of services in the market.
The SEC-Ripple Legal Tussle
Rahul is confident that the ongoing court battle between the company and the U.S. Securities and Exchange Commission (SEC) has no negative impact on its drive to ensure that its remittance platform is widely adopted.
Due to the court case, On-Demand Liquidity (ODL) is beginning to be the most sought-after product that emerges from Ripple, and the company has no plan to halt the relative progress it enjoys. However, the Ripple executive revealed that there are no plans to deploy liquidity in Korea.
In preparation for announcing its entry into the Korean market, Ripple has announced its partnership with a UK-based consultancy firm, Oxford Metrica, and the Seoul-based blockchain platform, GBC Korea, to draft a whitepaper detailing a policy framework for digital financial assets and cryptocurrency in Korea.
The whitepaper includes several recommendations to Korean decision-makers and regulators on developing the blockchain space in Korea through implementing smart regulatory guidelines and encouraging other financial institutions across Korea to participate in the new venture.
It is reported that Korean authorities have commended the detailed framework as outlined by the interested parties and have pledged to carry out a careful study of the recommendations to ensure effective and wholesome implementation of the framework.
Meanwhile, Ripple and its partners are awaiting further information from the authorities to determine the next line of action, which they hope will be favorable.
The company has been at the forefront of expanding into new territories as it looks to spread its services to regions not covered by crypto exchange products and services.
Exploring a New Market in Asia
Ripples’ expansion has seen it target Asia and the Pacific, with South Korea identified as the next priority for the exchange platform. The Asian nation has emerged as one of the global players in technological development.
The choice of Korea is a strategic decision because the country is noted for its exceptional digital banking sector and is fast emerging as a global player in the sphere of digital payment solutions services.
In addition, Korea has a history of being an early adopter of innovative technology and has wholly embraced blockchain technology and digital assets.