Ripple Partners with HashKey DX to Introduce XRPL-Powered Solutions in Japan

Published 30/04/2024, 09:39
© Reuters.  Ripple Partners with HashKey DX to Introduce XRPL-Powered Solutions in Japan
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Coin Edition -

  • Ripple collaborates with HashKey DX to introduce XRPL solutions in Japan’s market.
  • SBI Group companies will pioneer the utilization of XRPL-powered supply chain finance solutions.
  • HashKey DX’s proven success in mainland China paves the way for blockchain innovation in Japan

Cryptocurrency company Ripple has announced a strategic partnership with HashKey DX which is a specialized consulting firm based in Tokyo and a part of the HashKey Group. The aim of this collaboration is to introduce enterprise solutions powered by the XRP Ledger (XRPL) to the Japanese market.

HashKey Group has had notable success with its blockchain-enabled supply chain finance solutions in mainland China since their launch in July 2019. These solutions have garnered significant adoption with over 4,000 companies, including 23 banks and 4,300 suppliers registered on the platform. The total trade amount facilitated exceeds 7 billion USD, with financing transactions nearing 3 billion USD.

Drawing upon this success, HashKey DX will work alongside Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple to introduce similar supply chain finance solutions to Japan. These solutions will be developed on the XRPL which is renowned for its reliability and stability in tokenizing and exchanging both crypto-native and real-world assets.

As part of this partnership, SBI Group companies will be among the first Japanese corporations to utilize these supply chain finance solutions. Moving forward, the three entities will explore additional collaboration opportunities for various enterprise blockchain use cases that leverage the robust capabilities of the XRPL.

Andy Dan, representing HashKey DX, expressed confidence in the XRPL as the ideal blockchain infrastructure for their supply chain finance solution. He cited the XRPL’s proven enterprise track record and impressive performance metrics, such as rapid settlement speeds, low costs, and scalability, as key factors driving their confidence in delivering meaningful transformation for businesses in Japan.

Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple said that the collaboration partners are committed to advancing blockchain technology and delivering value to businesses in Japan.

The Japanese financial market has historically been very receptive to digital assets. Recently, the Government Pension Investment Fund (GPIF) of Japan, which is the world’s largest pension fund with $1.5 trillion in assets under management has announced its plans to explore various investment opportunities, including Bitcoin, gold, forests, and farmland.

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