Ripple and SBI Group have formed a strategic partnership with Tokyo-based HashKey DX to introduce XRPL-powered solutions in Japan, starting with the supply chain finance industry. This collaboration comes as Ripple, a leading provider of enterprise blockchain solutions, continues to develop products that capitalize on the growing adoption of blockchain technology. HashKey DX, a subsidiary of the HashKey Group, will play a key role in this initiative.
In a recent announcement, Ripple confirmed that it will work together with HashKey DX and SBI Ripple Asia to bring enterprise solutions powered by the XRP Ledger (XRPL) to the Japanese market. The company’s initial focus will be on introducing supply chain finance solutions.
The use of blockchain technology in supply chain finance has gained momentum in recent years as companies seek to address security and transparency issues within their supply chains. According to a report by Verified Markets Research, the blockchain in supply chain finance market is expected to grow from $360 million in 2021 to $13.4 billion in 2030.
To enter this market, Ripple will leverage HashKey DX’s supply chain finance product, which was launched in July 2019 and has already gained significant traction in China. The product currently boasts 4,300 suppliers, 4,000 onboard companies, and partnerships with 23 banks. It has facilitated over $7 billion in cumulative trade over the past five years.
With the support of HashKey DX, Ripple aims to introduce this successful supply chain finance product to the Japanese market. The product will be launched on the XRP Ledger, and SBI Group, Ripple’s long-term partner, will be the first firm to utilize it in Japan.
However, the partnership between Ripple, SBI, and HashKey DX will not be limited to the supply chain finance product. The three companies plan to explore additional use cases and launch more products on the XRPL for the Japanese market in the future.
This collaboration is part of Ripple’s ongoing efforts to expand its presence in various industries. The company made significant moves last year by acquiring Metaco to enter the custody industry and later acquiring Standard Custody to broaden its scope even further. Earlier this year, Ripple announced its plans to launch a USD stablecoin on both the XRPL and Ethereum, aiming to tap into the $150 billion stablecoin market, which is projected to reach a valuation of $2.8 trillion by 2028. These expansion efforts continue despite Ripple’s ongoing legal battle with the U.S. SEC.
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