Ripple, a leading provider of enterprise blockchain solutions, has announced a new partnership with HashKey DX and SBI Group in Tokyo to bring innovative solutions powered by the XRP Ledger (XRPL) to the Japanese market. This collaboration marks an important step in the adoption of blockchain technology in supply chain finance, with Ripple planning to introduce its solution to Japan using HashKey DX’s successful supply chain finance product. The aim is to meet the growing demand for blockchain-based solutions that address security and transparency issues in supply chains.
The partnership between Ripple, HashKey DX, and SBI Group reflects Ripple’s proactive approach to expanding its product offerings and reaching new markets. In addition to supply chain finance, Ripple has also made significant progress in other industries, including acquisitions in the custody industry and the integration of Metaco and Standard Custody. Furthermore, Ripple’s recent announcement of a USD stablecoin on both XRPL and Ethereum demonstrates its commitment to tapping into the lucrative stablecoin market, which is projected to reach $2.8 trillion by 2028.
The global market for blockchain in supply chain finance is experiencing exponential growth, with projections estimating a surge from $360 million in 2021 to $13.4 billion by 2030. With HashKey DX’s product already having over 4,300 suppliers and 4,000 onboard companies, Ripple aims to capitalize on this momentum by introducing XRPL-powered solutions to the Japanese market. SBI Group, a long-standing partner of Ripple, will be among the first entities to leverage these solutions in Japan.
The partnership between Ripple, HashKey DX, and SBI Group extends beyond supply chain finance, with plans to explore additional use cases for the XRPL in the Japanese market. This collaboration brings together expertise and resources to meet the growing demand for blockchain-based solutions across various industries in Japan.
Markus Infanger, senior vice president of RippleX, sees a promising future for tokenized markets, estimating their potential value to exceed $16 trillion. He highlights the increasing involvement of traditional finance players in deploying blockchain networks to address pain points in value chains. Infanger also mentions ongoing discussions with financial institutions to explore tokenization projects on the XRP Ledger, indicating a growing interest in leveraging blockchain technology for asset issuance and distribution.
Representatives from HashKey DX emphasize XRPL’s efficiency and suitability for their needs, highlighting its proven track record in enterprise and its unmatched performance metrics. They specifically mention XRPL’s fast settlement speeds, low costs, and scalability as key factors driving their confidence in deploying innovative solutions in Japan’s business landscape.
Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, shares this enthusiasm and excitement about introducing XRP Ledger-powered solutions in Japan. This collaboration underscores the shared commitment of all parties involved to advance blockchain technology and deliver tangible value to businesses in the region.
Following the announcement, XRP experienced a 2.43% decline in price over the past 24 hours, trading at $0.4991. This decline comes after a period of sluggish performance and regulatory uncertainties due to ongoing scrutiny by the U.S. Securities and Exchange Commission (SEC). However, the partnership with HashKey DX has injected optimism into the market and sparked renewed interest in XRP.