Blockchain
These speculations recently surfaced in the XRP camp amid the proliferation of documents linking Ripple to a blockchain policy document in Korea.
Reports have emerged within the XRP community claiming that Ripple is developing a blockchain ecosystem in South Korea. These claims emerged during the proliferation of documents linking Ripple to a blockchain policy document in the country.
Edward Farina, an XRP proponent and the founder of the Alpha Lions Academy crypto trading community, first made these claims when he drew attention to an excerpt from a document that pointed to a collaboration between Ripple, GBC Korea and Oxford Metrica.
BOOOOOOM 💣 #RIPPLE and #XRP are literally taking over the Asian market.
Ripple is currently developing a blockchain ecosystem in Korea 🇰🇷 #XRP to use as payment currency pic.twitter.com/Y3KYHf7cK0
— EDO FARINA 🅧 XRP (@edward_farina) May 13, 2023
Specifically, the document provides an overview of GBC Korea, a blockchain company based in South Korea, as well as Ripple’s role in facilitating payments with RippleNet. It also highlights a proposed framework on how GBC Korea’s GMAP platform can assist private investors in mergers and acquisitions (M&A).
Reactions followed the recent revelation, with most proponents expressing excitement about the development, while others took the claim with a grain of salt.
Notably, WrathofKahneman, a prominent XRP community influencer, as long as more context on the document’s origins, revealing that the excerpt comes from a blockchain policy document in South Korea prepared by Ripple, GBC Korea and Oxford Metrica in March 2022.
Tbh, not sure what is being claimed. Ripple wrote a policy paper with GBC last year and GBC talked about an M&A platform it uses. Exciting that they engaged in South Korea’s policies, but I’d equate it with Brazil’s similar engagement so far: https://t.co/2YEuKQMOh4
— WrathofKahneman (@WKahneman) May 15, 2023
The crypto base marked this policy document last year, which called attention to the partnership between Ripple and GBC Korea. At the time, WrathofKahneman noted that it was unclear whether GBC Korea would deepen its partnership with Ripple to use XRP or RippleNet for its GMAP platform.
The Global M&A Platform (GMAP) is a recently launched blockchain-based GBC Korea project that allows individual investors to participate in M&A (mergers and acquisitions) projects. GBC Korea touts it as the world’s first platform for individuals to invest in M&A.
No official statement from Ripple
Due to limited information, it is difficult to determine whether Ripple plans to expand its reach to South Korea or provide blockchain-based payment solutions to GBC Korea. Neither company has made an explicit statement in this regard. However, WrathofKahneman stressed that having GBC as a friend there is great for Ripple.
As a result of the previous partnership with GBC Korea, speculations have arisen about the expansion of Ripple’s business in Korea. However, these are just conjectures as the company has not released a formal statement on progress made in its push into South Korea.
