Ripple has expanded its presence in the Japanese market through a collaboration with HashKey DX, aiming to introduce XRP Ledger-based blockchain solutions. This strategic move positions SBI Group as the first Japanese company to utilize the XRP Ledger blockchain for supply chain solutions, with the goal of promoting corporate blockchain adoption in Japan.
The partnership between Ripple and Tokyo-based consulting firm HashKey DX is a significant step towards blockchain adoption in Japan, with a specific focus on supply chain finance solutions. By leveraging the corporate pedigree, settlement speeds, low costs, and scalability of XRPL, HashKey DX, in collaboration with Ripple and SBI Ripple Asia, will develop and deliver innovative supply chain finance solutions in Japan. Andy Dan, the president of HashKey DX, emphasized the potential to bring meaningful transformation and cutting-edge solutions to Japanese businesses.
HashKey Group, with its extensive experience in developing and implementing blockchain-supported supply chain finance solutions in mainland China, brings substantial value to the partnership. The company has over 4,000 registered companies, including 23 banks and 4,300 suppliers, utilizing blockchain services. The total recorded trade amount exceeds $7 billion, with approximately $3 billion in transactions financed through the blockchain solution in China.
Markus Infanger, Senior Vice President of RippleX, predicts significant growth in tokenized markets, with an anticipated value surpassing $16 trillion. As traditional finance players increasingly turn to blockchain networks like XRPL, Stellar, and Ethereum, there is a growing focus on tokenizing assets and addressing challenges across different blockchains. Ongoing discussions with financial institutions indicate rising interest in tokenization projects on the XRP Ledger, with companies already exploring distribution and researching use cases for the underlying blockchain technology.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
