South Korean Cryptocurrency Exchanges Rename XRP, Reinforcing Distinction Between the Cryptocurrency and Ripple

In a notable shift within the South Korean cryptocurrency market, three of the country's largest exchanges—Coinone, Upbit, and Bithumb—have officially changed the name of XRP on their platforms.

South Korean cryptocurrency exchanges Coinone, Upbit, and Bithumb have officially changed the name of XRP on their platforms, aligning with global market standards and helping clarify the distinction between the cryptocurrency and the San Francisco-based payment firm Ripple.

Previously, XRP had been labeled as “Ripple coin” in South Korea, reinforcing a long-standing misconception that XRP and Ripple are the same entity. This confusion stems from XRP's history—when the digital asset was first introduced, it was commonly called Ripple.

Many South Korean investors still refer to XRP as “Ripple coin,” which is technically incorrect. This misnomer suggests that XRP is synonymous with Ripple, the U.S.-based technology company.

To clarify, XRP is a cryptocurrency that operates on the decentralized XRP Ledger (XRPL), independent of Ripple. Meanwhile, Ripple is a company that develops enterprise-focused blockchain solutions, some of which utilize XRP to enhance cross-border payments.

A recent post by Vet (@Vet_X0), a validator on the XRP Ledger, highlights this crucial distinction. According to Vet, XRP is a neutral digital asset that exists on the XRPL, where it is used for transaction fees, reserves, and liquidity functions.

On the other hand, another layer of confusion arises from the role of Jed McCaleb, one of the original architects of the XRP Ledger. McCaleb is a Ripple co-founder but later left the company to create Stellar (XLM), another blockchain-based digital asset. His involvement in both projects has further blurred the lines for many investors.

The decision by South Korea's leading exchanges to rename XRP reflects a broader effort to align with international terminology. Most global exchanges list the asset simply as XRP, avoiding unnecessary associations with Ripple.

The change is significant because South Korea has one of the most active cryptocurrency trading communities in the world and how an asset is perceived there can influence its adoption and understanding.

This update also helps reinforce a more accurate representation of XRP's decentralized nature. By removing the term “Ripple coin,” Korean exchanges ensure that investors and traders have a clearer understanding of the asset they are dealing with.

As the cryptocurrency market matures, such clarifications become increasingly important, ensuring investors have the right information when making decisions.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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