Ripple is able to maintain its trajectory of widening its international footprint even though it is challenged by jurisdiction issues in the U.S. The blockchain Payments infrastructure provider has just disclosed a new partnership with HashKey DX, a company in the HashKey Group. This collaboration illustrates the substantial progress Ripple made toward entering the Japanese market with enterprise solutions.
Partnership details and goals
The collaboration is a joint venture that implicates Ripple, HashKey DX, and SBI Group, intending to make XRP Ledger (XRPL)-based solutions for institutional investors in Japan. The purpose is to establish cooperation, which will make it easier for customers to use HashKey Group’s blockchain-based supply chain financial products. In March 2019, the initiated trading exceeded $7 billion. These are utilized among more than 400 registered companies, including 23 banks and 4,300 suppliers. Ripple published a declaration on X, one of the widely used social media websites.
HashKey DX is slated to use Ripple’s XRPL as the base technology to build out these supply chain solutions. Andy Dan, the CEO of HashKey DX, mentioned that XRPL’s track record and performance metrics make it very promising. He pointed out that their protocol’s fast and cheap settlements, as well as scalability, were important factors that they took into account. The recent collaboration is going to open the supply chain services to a wider community of Japan as well.
SBI group to deploy Ripple’s supply chain tech
Through this vital partnership, we foresee great changes in the Japanese business industry. By introducing the cutting-edge blockchain solution to the market, the partnership aims to create new opportunities and take efficiency to the next level at the enterprise level. Ripple, together with HashKey DX and SBI Group, is also looking at other blockchain use cases that can solve supply chain issues in the future.
SBI Group, the first banking company in Japan, will soon start using these supply chain solutions. This would demonstrate the great success of Ripple’s technology and announce the start of immense cooperation in the region.
The payment technology of Ripple XRPL is becoming well-known not only in Japan but also around the world. At the beginning of this year, Ripple created a partnership with the Axelar Foundation to add more interoperability aspects to the XRP Ledger. Fundamentally, this project will unleash the tokenization of real-world assets as the next step in the process of achieving growth. Furthermore, last year, Credefi, a decentralized finance (DeFi) that belongs to the European Union, integrated Xummanu into its platform.
