South Korean Exchanges Clarify XRP's Identity

Major Korean Exchanges Rename XRP

In a significant move 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. This decision aligns with global market standards and helps 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. The recent name adjustment aims to correct this confusion and provide a more accurate representation of the digital asset.

For years, many South Korean investors referred to XRP as "Ripple coin," which incorrectly suggested it was synonymous with Ripple, the U.S.-based technology company. This confusion stems from XRP's history—when the digital asset was first introduced, it was commonly called Ripple. Additionally, Ripple holds a significant amount of XRP, approximately 37.43 billion tokens, valued at around $91 billion. The company's large holdings have contributed to the perception that it directly controls XRP, even though XRP operates on the decentralized XRP Ledger (XRPL), independent of Ripple.

Another factor in the confusion is 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 further blurred the lines for many investors.

A recent post by Vet (@Vet_X0), a validator on the XRP Ledger, highlights an essential difference within the XRP ecosystem. According to Vet, XRP is a neutral digital asset that exists on the XRP Ledger, where it is used for transaction fees, reserves, and liquidity functions. Meanwhile, Ripple is a private company that develops enterprise-focused blockchain solutions, some of which leverage XRP to improve cross-border payments. The post emphasized that while Ripple plays a role in the XRP ecosystem, the two should not be considered interchangeable.

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