Exciting News Alert! Ripple has just unveiled a groundbreaking partnership with HashKey Group, solidifying its ties with the esteemed SBI Group in the realm of financial services.
This new collaboration with HashKey DX, a specialized consulting firm based in Tokyo under the HashKey Group umbrella, is set to revolutionize the Japanese market with innovative XRP Ledger (XRPL) enterprise solutions.
CEO Brad Garlinghouse enthusiastically highlighted this partnership, which will see HashKey DX spearheading the deployment of cutting-edge supply chain finance solutions in Japan.
Japan🤝XRPL https://t.co/qjnyvnoTRF
— Brad Garlinghouse (@bgarlinghouse) April 30, 2024
Driving XRPL Adoption
The innovative supply chain solutions will be powered by Ripple’s XRP Ledger, setting the stage for SBI Group to lead the way as the first Japanese companies to leverage this novel supply chain finance platform.
“The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution,” expressed Andy Dan from HashKey DX.
Emi Yoshikawa, the Vice President of Strategic Initiatives at Ripple, emphasized the shared commitment to advancing blockchain technology and delivering real value to businesses in Japan through this collaboration.
HashKey Group, renowned for launching blockchain supply chain solutions in 2019 and experiencing significant adoption in mainland China, boasts over 4,000 registered companies, including 23 banks and 4,300 suppliers, with a total trade amount exceeding $7 billion.
SBI Holdings, a prominent Tokyo-based financial services company, has a longstanding partnership with Ripple dating back to 2017. Their collaboration includes pioneering the use of XRP for remittance services from Japan to the Philippines.
In a move to bolster Web3 and fintech startups, SBI Holdings launched a $663 million fund in November 2023 and teamed up with Circle to promote USDC adoption in Japan.
The XRP Landscape
While this monumental partnership made waves in the industry, Ripple’s native token, XRP, showed a modest 1.7% increase to $0.514 at the time of writing.
XRP has been trading sideways for the past couple of years amid legal battles with the US Securities and Exchange Commission. Despite hitting a yearly high of $0.734 in March, XRP remains down 85% from its all-time high in 2018.
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