Reports Requirements Ripple Building S.Korea Blockchain Ecosystem; How true is this?

These speculations recently surfaced in the XRP camp amid the circulation of documents linking Ripple to a blockchain policy paper in Korea.

Reports have surfaced in the XRP community, claiming that Ripple is developing a blockchain ecosystem in South Korea. These claims emerged amid the circulation of documents linking Ripple to a blockchain policy document in the country.

Edward Farina, an XRP advocate and the founder of crypto trading community Alpha Lions Academy, first made these claims when he drew attention to an excerpt of a document that indicated a partnership between Ripple, GBC Korea and Oxford Metrica.

BOOOOOM 💣 #RIPPLE and #XRP literally taking over the Asian market.

Ripple is currently developing a blockchain ecosystem in Korea 🇰🇷 #XRP must be used as payment currency pic.twitter.com/Y3KYHf7cK0

— EDO FARINA 🅧 XRP (@edward_farina) 13 May 2023

In particular, the document provides an overview of GBC Korea, a blockchain company based in South Korea, as well as Ripple’s role in facilitating payments using RippleNet. It also highlights a proposed framework for how GBC Korea’s GMAP platform can help retail investors engage in mergers and acquisitions (M&A).

Reactions followed the recent revelation, with most advocates expressing their excitement at the development while others took the claim with a grain of salt.

Specifically, WrathofKahneman, a prominent XRP community influencer, made sure of more context about the document’s origins, revealing that the extract is from a blockchain policy document in South Korea prepared by Ripple, GBC Korea and Oxford Metrica in March 2022.

Tbh, I’m not sure what is being claimed. Ripple wrote a policy paper with GBC last year and GBC talked about an M&A platform using it. Interesting that they got involved in South Korea’s politics, but I would equate it with the similar involvement in Brazil so far:

— WrathofKahneman (@WKahneman) 15 May 2023

Crypto Basics highlighted this policy document last year, which draws 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 leverage XRP or RippleNet for its GMAP platform.

The Global M&A Platform (GMAP) is a newly introduced blockchain-based GBC Korea project that allows individual investors to participate in M&A (mergers and acquisitions) projects. GBC Korea claims it as the world’s first platform that allows individuals to invest in M&A projects.

No official statement from Ripple

Due to limited information, it is difficult to determine whether Ripple plans to expand its reach into South Korea or offer blockchain-based payment solutions to GBC Korea. Neither of the two companies has made an explicit statement in this regard. However, WrathofKahneman emphasized that it is great for Ripple to have GBC as a friend there.

As a result of the previous partnership with GBC Korea, speculations have emerged about the expansion of Ripple’s operations in Korea. However, this is only conjecture, as the firm has not released any formal statement on progress towards penetrating South Korea.