In a significant move, Cryptocurrency Ripple Labs has announced to partnership with Hashkey DX (Tokyo-based consulting firm) and SBI group. On Monday, the team-up aims, with collaboration to bring enterprise solutions, powered by the XRP Ledger (XRPL), to the Japanese market.
Since its launch in July 2019, HashKey Group’s blockchain-enabled supply chain finance solutions have been very successful in mainland China. These solutions are widely used, with over 4,000 companies, including 23 banks and 4,300 suppliers, using the platform. The total trade amount facilitated by these solutions is over 7 billion USD, with financing transactions reaching nearly 3 billion USD.
Building on this success, HashKey DX will partner with Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, to introduce similar supply chain finance solutions to Japan. Developers will create these solutions on the XRPL, 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 use these supply chain finance solutions. In the future, the three entities will explore more collaboration opportunities for various enterprise blockchain use cases that leverage the XRPL’s robust capabilities.
Ripple Chosen For Supply Chain Finance Solution
Andy Dan, from HashKey DX, is confident in the XRPL as the ideal blockchain infrastructure for their supply chain finance solution. Also, he mentioned 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 significant changes for businesses in Japan.
However, Ripple’s vice president of strategic initiatives, Emi Yoshikawa said that teaming up aims with Japan to improve blockchain technology and deliver value of businesses
Moreover, the Japanese financial market has historically been very open to digital assets. Furthermore, the Government Pension Investment Fund (GPIF) of Japan, the world’s largest pension fund with $1.5 trillion in assets under management, announced its plans to explore various investment opportunities, including Bitcoin, gold, forests, and farmland.
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