Ripple Teams Up with HashKey DX and SBI to Deliver XRPL-Powered Solutions in Japan

The post  Ripple Teams Up with HashKey DX and SBI to Deliver XRPL-Powered Solutions in Japan appeared first on Coinpedia Fintech News

Ripple made a huge announcement earlier today. It unveiled its collaboration with HashKey DX and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, which is set to introduce enterprise blockchain solutions to the Japanese market. 

Expanding XRPL-Based Supply Chain Finance Solution and Adoption

In its official press release, Ripple announced that, as part of their partnership, HashKey DX will use Ripple’s XRP Ledger (XRPL) to power its blockchain-based supply chain finance solutions. SBI Group companies became the first Japanese firms to adopt this technology.

Ripple’s partnership with HashKey DX and SBI Ripple Asia opens the door to innovative enterprise blockchain use cases in Japan. 

According to Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, the partnership exemplifies a “shared commitment to advancing blockchain technology and delivering tangible value to businesses”. 

Andy Dan from HashKey DX adds that the XRPL offers “rapid settlement speeds, low costs, and scalability,” confident in driving meaningful transformation in the business landscape.

Launched in July 2019, HashKey DX’s blockchain-based supply chain finance solution has gained significant traction in mainland China, with over 4,000 companies, 23 banks, and 4,300 suppliers registered, recording more than $7 billion in trade and nearly $3 billion in financing transactions. 

Along with XRPL, a decentralized layer 1 blockchain known for its decade-long reliability and stability in tokenizing and exchanging crypto-native and real-world assets, Ripple and SBI Ripple Asia’s partnership is set to expand XRPL-powered solutions into Japan.

As XRPL is famous for its rapid settlement speeds, low costs, and scalability, the partnership sees these features as an ideal platform for supply chain finance solutions. HashKey DX’s success with the platform in China is a testament to its potential.

Can this Affect the XRP Price?

It should be noted that XRP’s price skyrocketed after one of Rippe’s most successful partnerships. 

This dates back to 2017 when the representative Director of SBI Group, Yoshitaka Kitao, announced that all banks in Japan will use XRP. A month after this, XRP price surged to $2.70 in Jan 2018 from $0.70 in December 2017. 

The crypto community is already abuzz that such major partnerships can boost the price of XRP, leading to an XRP-bull run or shall indicate towards the development of launching an XRP ETF

This collaboration will set the stage for a broader range of blockchain applications, starting with supply chain finance and extending to other enterprise use cases in Japan. Ripple’s XRPL could play a pivotal role in shaping the future of blockchain in the country.