Ripple and the SBI Group have joined forces with Tokyo-based HashKey DX to bring XRPL-powered solutions to the Japanese market, starting with the supply chain finance industry.
In the midst of the increasing adoption of blockchain technology, Ripple, a leading provider of enterprise blockchain solutions, continues to introduce products that harness this trend. The latest achievement involves a partnership with HashKey DX, a subsidiary of the HashKey Group.
In a recent announcement, Ripple confirmed that its collaboration with HashKey DX and SBI Ripple Asia will facilitate the launch of enterprise solutions powered by the XRP Ledger (XRPL) in Japan. The company’s initial focus will be on introducing supply chain finance solutions.
Ripple Sets its Sights on Launching a Supply Chain Finance Product in Japan
The use of blockchain in supply chain finance has grown over the years, as companies turn to this emerging technology to address security and transparency issues in their supply chains. A report from Verified Markets Research predicts that the blockchain in supply chain finance market will grow from $360 million in 2021 to $13.4 billion in 2030.
To enter this market, Ripple will make use of HashKey DX’s supply chain finance product, which was introduced in July 2019 and has already made a name for itself in China. The product currently boasts 4,300 suppliers, 4,000 onboard companies, and has collaborated with up to 23 banks. It has also facilitated over $7 billion in cumulative trades over the past five years.
With the product already gaining traction in China, Ripple’s partnership with HashKey DX will bring it to the Japanese market. According to the announcement, the product will launch on the XRP Ledger, with SBI Group, Ripple’s longstanding partner, being the first firm to leverage it in Japan.
Furthermore, the collaboration between Ripple, SBI, and HashKey DX will not end with the launch of the supply chain finance product. Instead, the three parties will utilize their partnership to explore additional product use cases for the XRPL in the Japanese market in the future.
Ripple’s Ongoing Expansion Efforts
Ripple has been actively expanding its presence in various industries in recent times, and this latest endeavor is another significant step forward. In May, the company acquired Metaco to enter the custody industry, and it further expanded its reach with the acquisition of Standard Custody two months ago.
Earlier this year, Ripple announced its plans to launch a USD stablecoin on both the XRPL and Ethereum, aiming to enter the $150 billion stablecoin market. This market is projected to reach a valuation of $2.8 trillion by 2028. Despite its long-standing legal battle with the U.S. SEC, Ripple continues to make bold moves and expand its operations.
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