Ripple Forms Strategic Partnership to Launch XRP Ledger Blockchain Solution in Japan
Summary:
SBI Group becomes the first Japanese firm to use Ripple's XRP Ledger (XRPL) blockchain supply chain solution, following a strategic partnership with consulting firm HashKey DX. HashKey will work alongside Ripple and SBI Ripple Asia to develop and launch these solutions in Japan. Over the past five years, HashKey Group has successfully implemented blockchain-driven supply chain finance solutions in China. RippleX's senior VP, Markus Infanger, predicts that the value of tokenized markets could exceed $16 trillion in the future, as traditional finance players begin actively using blockchain networks.
The SBI Group is set to pioneer the utilization of XRP Ledger (XRPL) blockchain solutions for supply chains in Japan, arising from an effort by Ripple to spur the use of enterprise blockchain cases in the country. This follows a strategic alliance between Ripple and HashKey DX, a Tokyo-based consulting firm. The latter is tasked with launching XRPL enterprise solutions in the Japanese market.
HashKey will partner with both Ripple and SBI Ripple Asia – a joint initiative between Ripple and SBI Holdings – to construct and roll out supply chain finance solutions in Japan. These solutions will leverage the XRPL, a decentralized blockchain network initially created by Ripple Labs.
HashKey DX leader, Andy Dan, underscored the enterprise history, settlement speeds, affordability, and scalability of XRPL as key factors in developing its supply chain finance solution. He expressed confidence in the company’s potential to incite significant change by introducing innovative, high-tech solutions to Japanese businesses.
Over the past half-decade, HashKey Group has crafted and implemented blockchain-fueled supply chain finance solutions in mainland China. Within the two years since its inception in 2019, the firm boasts over 4,000 companies using its blockchain services, among them 23 banks and 4,300 suppliers.
The company reveals that the total trade volume recorded surpasses $7 billion. The firm’s blockchain solution has also financed nearly $3 billion worth of transactions in China.
RippleX’s senior vice president, Markus Infanger, predicted during Paris Blockchain Week that the future value of tokenized markets could exceed $16 trillion as conventional financial actors start utilizing blockchain networks more actively.
Infanger stated that traditional financial players are now bringing financial assets on-chain to address pain points across various value chains. This is taking place not only on permissioned, centralized networks but also on decentralized protocols like XRPL, Stellar, and Ethereum.
He revealed that ongoing advanced discussions with several financial institutions focus on exploring tokenization projects to displace assets on the XRP Ledger. These firms are reportedly ready for distribution, and they can define use cases and how they want to utilize the underlying blockchain.
Ripple Labs was contacted by Cointelegraph for more details about the collaboration with HashKey DX and SBI Ripple Asia.
Published At
4/30/2024 11:44:12 AM
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