Blockchain and digital payments company Ripple hasannounced a collaboration with Web3 Salon, a project supported by the Japan External Trade Organization (JETRO).
The aim of the collaboration is to assist early-stage Japan-based startups specializing in blockchain technology.
Ripple will specifically prioritize those startups that are working with the XRP Ledger.
Decentralized finance (DeFi), digital payments, and tokenization will be the key focus areas.
The San Francisco-based blockchain firm is offering $200,000 per project over the next year.
This funding comes from the company's dedicated XRPL Japan and Korea Fund, which was launchedlast June in order to drive innovation in countries like Japan and South Korea.
Apart from the financial contributions, the startups will also be able to gain access to Ripple's global network of partners.
Big in Japan
Ripple has had a strong presence in the world's largest economy for years. In 2016, Japanese financial giant SBI Holdings and Ripple teamed up in order to set up a joint venture that would promote blockchain technology.
Last year, the company also announced a collaboration with HashKey DX to launch enterprise solutions powered by the XRP Ledger in Japan.
