Blockchain payments platform Ripple has entered into a partnership with Web3 Salon, a project that is supported by JETRO or the Japan External Trade Organization. The partnership will help to strengthen Japan’s digital asset ecosystem, as per an official press release by Ripple.
Ripple is set to offer $200,000 in grants for each project over the next year, as part of a larger commitment to give financial, technical, and business support for developers and startups who are building on the XRP ledger.
This funding will be limited to startups building on the XRP ledger who will be focused on decentralized finance, real-world assets, and digital payments. Recipients of the grants will be based on factors like growth potential, technological sophistication, and alignment with Ripple’s investments. Coupled with funding, the startups will gain access to Ripple’s network of partners and customers.
To get visibility for these projects, Ripple and Web3 Salon will have four major community events between now and March next year. The events will give exposure to startups and bring founders, regulators, enterprise leaders together.
“Ripple is proud to collaborate with Web3 Salon to unlock new opportunities in Japan’s thriving startup ecosystem. Together, we hope to fuel innovation and support the next generation of leaders,” said RippleX’s senior director of developer growth, Christina Chan.
Japan’s Financial Services Agency has plans to revise its Financial Instruments and Exchange Act to give crypto assets legal status as financial products as per a Reuters update in March. The Financial Services Agency is to submit a bill to parliament as early as 2026 to make changes to the Financial Instruments and Exchange Act. While there is growing interest in the asset class from regulators, not all of it is positive. Public reports from Japan’s financial intelligence unit have identified cryptocurrency as a potential money laundering risk, according to Chainalysis.
