"Ripple acts really fast, there must be no time to rest right."
In order to expand its global presence, Ripple Labs without wasting time has signed an agreement with the company Catalyza Research to increase the user base of XRP Ledger (XRPL) in South Korea.
Not only that, the collaboration can also allow XRPL to penetrate the South Korean cryptocurrency market and empower local developers further highlighting the prowess of Catalyze Research as a leading Web3 and blockchain consulting company.
In fact, the partnership between Ripple and Catalyze Research will sponsor XRPL development education tailored to the needs of South Korean software engineers involving the local developer community through workshops, meetups and hackathons*.
*Events or competitions where participants work together to create innovative solutions using blockchain technology
The team will devise strategies to allow various decentralized finance (DeFi) and non-fungible token (NFT) based dApps to run smoothly on XRPL.
According to Markus Infanger, Vice President (VP) of RippleX Growth who acknowledged South Korea's status as a hub of blockchain technology has said that he is looking forward to the development expected from the cooperation.
He added that the joint vision between Ripple and Catalyze Research is aimed at promoting growth and adoption including providing an environment that allows South Korean developers to take advantage of XRPL.
The Chief Executive Officer (CEO) of Catalyze Research also made the same statement as Infanger when he stated that the collaboration could accelerate the development of XRPL in South Korea by fostering innovation.
As of this writing, the price of XRP has plunged 40% to $0.71 in the last 24 hours with a market cap of $37 billion and has recorded a 10.32% decline over the past week.
