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On April 29, Ripple, a leading crypto and enterprise blockchain solutions provider, announced a strategic partnership with HashKey DX.
Ripple is a blockchain-based digital payment network and protocol with its cryptocurrency, XRP. The company is based in Canada and has been in operation since 2012. Ripple has formed a joint venture with SBI Holdings for operations in Asia under the name SBI Ripple Asia.
This joint venture has partnered with HashKey DX to offer services in Japan.
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. 🇯🇵
— Ripple (@Ripple) April 30, 2024
Learn more about this innovative partnership: https://t.co/GFUNdu1ci2
HashKey DX is based in Tokyo and is an arm of HashKey Group. It is a specialized consulting company in blockchain technology. The company’s main objective is to support Web3 Venture in entering Japan. Moreover, it provides solutions for overseas companies to facilitate faster growth in the Japanese market. It is an Asian digital asset financial services company.
Hashkey And Ripple’s Strategic Partnership
SBI Ripple Asia and HashKey DX have entered a strategic partnership to introduce an XRP Ledger (XRPL)-powered enterprise solution for the Japanese crypto market.
With this partnership, the SBI Group companies will be the first Japanese corporations to use and offer services in Japan. The HashKey Group has achieved tremendous success for its blockchain-powered supply chain finance solutions; it has observed extensive adoption in mainland China during its operation.
In July 2019, this solution was launched, and in less than five years of operation, it has more than 4,000 companies registered, which includes twenty-three banks and 4,300 suppliers. The total amount of recorded trades exceeds $7 Billion, out of which financing transactions value about $3 Billion within the solution.
Using the experience of this success, HashKey DX is established to introduce these supply chain solutions in Japan through the announced partnership with Ripple and SBI Ripple Asia.
How Will This Solution Work?
These supply chain solutions will be built on the XRPL, a decentralized layer one blockchain known for its long-term reliability and stability in tokenizing and exchanging native cryptocurrencies and real-world assets.
Benefits Of This Partnership
With the beginning of this partnership, SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution. In the near future, the three companies will further explore various blockchain use cases under this collaboration by utilizing the significant capabilities of the XRPL.
Andy Dan, the CEO of HashKey DX, said in favor of this partnership that “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, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan.”
Emi Yoshika, Vice President of Strategic Initiatives at Ripple, showed her excitement for the new adventures with the partnership, adding to Andy Dan’s statement, “We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses.”
Impact On XRP
The outbreak of this news has positively affected the price of XRP. The crypto is up 2.2% in a day. It was trading at $0.5125 at press time, as per the data from CoinMarketCap. The bullish trend might continue further.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
