By
Godfrey Benjamin
May 20th, 2024
Ripple said that HashKey DX will tap its XRPL to offer customers access to HashKey Group’s suite of blockchain-powered supply chain financial products.
Despite regulatory hurdles in the United States, Ripple continues its global expansion, with a recent focus on Japan. The leading blockchain payments infrastructure provider has secured a partnership with HashKey DX, a unit of HashKey Group that offers consulting services to clients in Tokyo. This collaboration aims to introduce XRP enterprise solutions to the Japanese market.
Ripple Enters the Japanese Market
Ripple shared the news on X, noting that the collaboration also includes SBI Group. Together, the three entities seek to provide institutional investors with access to Ripple’s XRPLedger (XRPL)-powered enterprise solutions.
We’re excited to announce a partnership between @Ripple, @HashKeyGroup, and SBI Group ushering in #XRPL-powered solutions, starting with supply chain finance, to Japan's enterprise landscape. 🇯🇵
Learn more about this innovative partnership: https://t.co/GFUNdu1ci2
— Ripple (@Ripple) April 30, 2024
In an announcement accompanying the social media post, the company said that HashKey DX will tap its XRPL to offer customers access to HashKey Group’s suite of blockchain-powered supply chain financial products. These products have been highly successful, recording over $7 billion in trades since their launch in 2019.
Currently, the products are utilized by over 400 registered corporations, including 23 banks and 4,300 suppliers. However, HashKey DX plans to expose the supply chain solutions to a broader audience in Japan through the recent partnership with Ripple.
The offerings will be built on Ripple’s XRPL. Ripple said the layer-1 decentralized network is renowned for its decade-long reliability and stability in tokenizing and exchanging crypto-native and real-world assets.
Andy Dan, the CEO of HashKey DX, said the decision to choose XRPL to develop the supply chain solutions was based on the protocol’s records of proven transaction speed and unmatched performance metrics.
“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, including rapid settlement speeds, low costs, and scalability, and wed we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan,” he said.
First Institutional Customer in Japan
HashKey DX has already found the first institutional customer in Japan to use the supply chain solutions. According to the announcement, SBI Group of companies will be the first in Japan to utilize the product.
Ripple, together with HashKey DX and SBI Group, also plans to deepen their collaboration in the future by exploring additional enterprise blockchain use cases for supply chain solutions. These initiatives will harness the XRPL’s robust capabilities to drive innovation and efficiency in various sectors.
Meanwhile, HashKey is not the first financial company to utilize XRPL for business development. Earlier this year, Ripple entered into a partnership with the Axelar Foundation to add interoperability to the XRPL blockchain. This collaboration aims to propel the tokenization of real-world assets (RWAs) into its next stage of growth.
Last year, Credefi, a European Union-based decentralized finance (DeFi) application that links crypto lenders with regional companies integrated XRPL into its platform.