Ripple and HashKey DX Forge Partnership to Launch XRPL-Backed Solutions in Japan

Ripple, HashKey DX, and SBI Group collaborate to introduce XRP Ledger (XRPL)-powered enterprise solutions in Japan. The partnership aims to leverage the success of HashKey's supply chain finance solutions in China, with SBI Group companies becoming the first Japanese corporations to offer these services. The XRPL's reliability, stability, and performance are cited as key factors in this alliance.

Ripple and HashKey DX Forge Strategic Partnership to Introduce XRPL-Powered Solutions in Japan

San Francisco, California and Tokyo, Japan - April 29, 2024 - Ripple, a leading provider of crypto and enterprise blockchain solutions, and HashKey DX, a specialized consulting company in blockchain technology based in Tokyo, have announced a strategic partnership. The collaboration aims to introduce XRP Ledger (XRPL)-powered solutions, starting with supply chain finance, to the Japanese enterprise landscape.

Background on Ripple

Ripple is a blockchain-based digital payment network and protocol that operates on its native cryptocurrency, XRP. Founded in 2012 and headquartered in Canada, Ripple has established a joint venture with SBI Holdings for operations in Asia under the name SBI Ripple Asia.

About HashKey DX

HashKey DX is an arm of HashKey Group, an Asian digital asset financial services company. The company specializes in consulting services for Web3 ventures entering Japan and providing solutions for overseas companies to facilitate faster growth in the Japanese market.

Strategic Partnership

SBI Ripple Asia and HashKey DX have entered into a strategic partnership to offer XRPL-powered enterprise solutions for the Japanese crypto market. This collaboration marks the first time Japanese corporations will use and offer services utilizing the XRP Ledger.

Proven Success in Supply Chain Finance

HashKey Group has achieved remarkable success with its blockchain-powered supply chain finance solutions in mainland China, where it has observed extensive adoption. Since its launch in July 2019, the solution has registered over 4,000 companies, including 23 banks and 4,300 suppliers. The total recorded trades exceed $7 billion, with financing transactions valued at approximately $3 billion.

Introducing Supply Chain Solutions to Japan

Leveraging the experience from this successful implementation, HashKey DX is established to introduce these supply chain solutions in Japan through the announced partnership with Ripple and SBI Ripple Asia.

XRPL: The Foundation for the Solution

The supply chain solutions will be built on the XRPL, a decentralized layer one blockchain known for its reliable and stable performance in tokenizing and exchanging native cryptocurrencies and real-world assets. The XRPL's rapid settlement speeds, low costs, and scalability make it an ideal infrastructure for these solutions.

Benefits of the Partnership

With the commencement of this partnership, SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution. The three companies will further explore various blockchain use cases under this collaboration, leveraging the XRPL's capabilities.

Industry Perspectives

Andy Dan, CEO of HashKey DX, expressed his optimism about the partnership, stating, "The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution. With its proven enterprise track record and unmatched performance metrics, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan."

Emi Yoshika, Vice President of Strategic Initiatives at Ripple, conveyed her excitement for the new ventures with the partnership, adding to Andy Dan's statement, "We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRPL-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses."

Market Impact

The announcement of this partnership has positively influenced the price of XRP, which has increased by 2.2% in a day. At press time, XRP was trading at $0.5125, as per CoinMarketCap data. This bullish trend might continue in the near future.