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Seoul, Korea--(Newsfile Corp. - July 31, 2024) - Girin Labs, a Korea-based Web3 venture studio, announced that it has secured funding from the recently launched XRP Ledger (XRPL) Japan and Korea Fund backed by Ripple, a global leader in enterprise blockchain and crypto solutions.
Girin Labs&XRLP Japan and Korea Fund
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This marks the first funding from the XRPL Japan and Korea Fund and the first time Girin Labs has officially secured global funding outside of Korea. Girin Labs is a venture studio focused on developing integrated infrastructure for Web3 and consists of experts with extensive experience in mainnet and Web3 startup strategy and product development. Ripple led this funding, and the acceleration partner, Catalyze Research, will jointly provide various strategic and advisory services necessary for project expansion.
With the funding, Girin Labs will accelerate its development of the Girin Wallet, a XRPL-focused wallet, and the Lotus Protocol for DeFi services. Through its flagship product, Girin Wallet, Girin Labs aims to build a user-friendly infrastructure that will enable XRP holders to leverage Dapps on XRPL and create a sustainable DeFi ecosystem centered on XRPL and The Root Network via the Lotus Protocol. Furthermore, Girin Labs expressed its ambition to become a key player in decentralized finance within the ecosystem by working closely with major partners, including Futureverse and accelerators.
XRPL has been globally recognized and trusted for over a decade as an enterprise-grade blockchain, and has been used for a wide range of use cases that solve real world problems platform for various native functionalities, recognized globally for its enterprise-grade protocol capabilities. Girin Labs aims to act as a catalyst for the XRPL's further growth by adding more utility to the rapidly expanding ecosystem.
Josh Kim, the Chief Strategy Officer of Catalyze Research, commented on the funding, saying, "Girin Labs' main products will play a crucial role in the growth of the XRP Ledger, the world's largest Web3 decentralized protocol. Approximately 50 million XRP holders worldwide are looking for more ecosystem utilities based on on-chain and real-world applications, which is the key agenda Girin Labs aims to address."
On June 11th, 2024, Ripple announced the launch of the XRPL Japan and Korea Fund, as part of its 1 billion XRP (approximately 500 Million USD) commitment that Ripple previously made. The fund plans to support leading projects in Japan and Korea and promote innovation based on the XRPL.
About Girin Labs:
Girin Labs is an integrated infrastructure builder within the XRP Ledger and The Root Network ecosystem, focusing on user-friendly infrastructure and DeFi systems. Girin Labs' vision is to enable easy onboarding to on-chain experiences, making blockchain accessible to everyone. Girin, a legendary creature from Eastern mythology, represents a sacred entity that guards the center of the four directions. As the name suggests, Girin Labs aims to provide users with a secure environment to enjoy various utilities (e.g., gaming, DeFi) within a healthy and robust ecosystem.
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