Ripple joined forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to the Japanese market.
Ripple has partnered with HashKey DX, the Tokyo-based specialized consulting company of the HashKey Group, to launch XRP Ledger-based enterprise solutions in Japan.
We’re excited to announce a partnership between @Ripple, @HashKeyGroup, and SBI Group ushering in #XRPL-powered solutions, starting with supply chain finance, to Japan's enterprise landscape. 🇯🇵
Learn more about this innovative partnership: https://t.co/GFUNdu1ci2
— Ripple (@Ripple) April 30, 2024
The use of blockchain in supply chain finance has increased in recent years, as businesses seek to address security and transparency issues in their supply chain operations. A report by Verified Market Research has shown that the blockchain in the supply chain finance market is projected to grow from about $360 million in 2021 to about $13.4 billion by 2030.
According to Ripple’s official website, the HashKey Group has made significant progress in developing blockchain-based supply chain finance solutions that have gained widespread acceptance in mainland China. The solution was launched in July 2019 and currently has over 4,000 registered companies, including 23 banks and 4,300 suppliers. It recorded a total trade amount of more than $7 billion, financing almost $3 billion in transactions.
Utilizing this achievement, HashKey DX will introduce supply chain finance solutions to Japan by partnering with Ripple and SBI Ripple Asia (a joint venture between SBI Holdings and Ripple). This collaboration will utilize the XRPL blockchain to build the solutions.
Andy Dan from HashKey DX noted that the XRP Ledger was the “ideal blockchain infrastructure” for HashKey to build their “proven supply chain finance solution.” Dan expressed his confidence in the “ability” of the collaboration to drive “innovative solutions” for businesses in Japan.
Ripple’s Persistent Expansion Endeavor
In May of last year, Ripple acquired Metaco in order to expand its reach in the custody industry. Recently, Ripple has partnered with HSBC to further broaden its scope.
Earlier this year, Ripple announced that it plans to launch a USD stablecoin on both the XRPL and Ethereum platforms. This move is aimed at penetrating the $150 billion-valued stablecoin market. Despite its ongoing legal battle with the U.S. SEC, Ripple has continued to make expansive moves in the industry.
