Overview
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, the global leader in enterprise blockchain and crypto solutions. The funding is set to accelerate Girin Labs’ development of two core products, the Girin Wallet and the Lotus Protocol.
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
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’s accelerator partner in Korea, Catalyze Research, will 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 decentralized finance (DeFi) services.
- Girin Wallet - Girin Labs flagship product, aims to build a user-friendly infrastructure that will enable XRP holders to leverage Dapps on the XRPL. With its social login feature, it enables anyone to easily onboard to the XRP on-chain network.
- Lotus Protocol - the first lending and liquid staking token (LST) protocol on The Root Network, offering sustainable yield farming for XRP & ROOT holders.
Furthermore, Girin Labs expressed its ambition to become a key DeFi player within the ecosystem by working closely with major partners, including Futureverse.
The XRPL has been globally recognized and trusted for over a decade as an enterprise-grade blockchain, with its built-in capabilities like tokenization, a native decentralized exchange (DEX), compliance features and more. Girin Labs aims to act as a catalyst for the XRPL’s further growth by adding more utility.
Josh Kim, 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. 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."
Ripples Support for Builders
On June 11th, 2024, Ripple announced the launch of the XRPL Japan and Korea Fund, as part of its 1 billion XRP commitment to provide financial, technical, and business support for developers and entrepreneurs building on the XRPL – through both the XRPL Grants and XRPL Accelerator programs. The Fund plans to support leading projects in Japan and Korea and foster innovation on the XRPL.
