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Ripple has teamed up with HashKey DX to bring XRP Ledger-based blockchain solutions to the Japanese market, marking a significant advancement in enterprise blockchain adoption in the country. SBI Group will become the first Japanese company to leverage the XRP Ledger (XRPL) for supply chain solutions, aiming to drive broader use cases for enterprise blockchain technology in Japan.
SBI Group’s milestone collaboration with Ripple follows the company’s strategic partnership with Tokyo-based consulting firm HashKey DX. HashKey DX will introduce XRPL enterprise solutions to the Japanese market, marking a key moment in blockchain’s influence on the region’s industry.
HashKey DX, Ripple, and SBI Ripple Asia—a joint venture between SBI Holdings and Ripple—will work together to develop and roll out supply chain finance solutions in Japan. These tools will be based on the XRPL, a decentralized blockchain network initially created by Ripple Labs.
HashKey DX head Andy Dan praised XRPL’s established track record for its high settlement speeds, low transaction costs, and scalability, making it an ideal platform for building their supply chain finance solution.
“We are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for Japanese businesses,” Dan stated.
Over the past five years, HashKey Group has successfully developed and deployed blockchain-powered supply chain finance solutions in mainland China.
Since its inception in 2019, the firm has attracted over 4,000 registered companies, including 23 banks and 4,300 suppliers, to utilize its blockchain services. The total trade volume managed by the company has surpassed $7 billion, with nearly $3 billion in transactions financed by its blockchain solutions in China.
During Paris Blockchain Week, Cointelegraph explored RippleX senior vice president Markus Infanger’s vision that tokenized markets could grow beyond $16 trillion in value as traditional finance players begin using blockchain networks.
Infanger noted that traditional financial institutions are actively exploring blockchain networks for production deployment and pain point solutions within various value chains. This shift is occurring not only on centralized, permissioned networks but also on decentralized protocols such as XRPL, Stellar, and Ethereum.
Advanced conversations with financial institutions are ongoing, with firms exploring tokenization projects to issue assets on the XRP Ledger. These companies are well-positioned to distribute assets and understand how they intend to use blockchain technology for their specific use cases.
Infanger noted that traditional financial institutions are actively exploring blockchain networks for production deployment and pain point solutions within various value chains. This shift is occurring not only on centralized, permissioned networks but also on decentralized protocols such as XRPL, Stellar, and Ethereum.