In a recent announcement on April 30, Ripple disclosed a new partnership with HashKey Group, signaling a deeper collaboration with the financial services giant SBI Group. This joint venture with HashKey DX, a specialized consulting company based in Tokyo, aims to bring XRP Ledger (XRPL) enterprise solutions to the Japanese market.
One of the main objectives of this partnership is to introduce supply chain finance solutions to Japan through the utilization of Ripple’s layer-1 blockchain XRP Ledger. The supply chain tech, to be deployed by HashKey DX, is expected to provide innovative solutions to businesses in Japan, with SBI Group companies being the first in the country to leverage this opportunity.
The collaboration between Ripple, HashKey Group, and SBI Group exemplifies a shared commitment to advancing blockchain technology and delivering tangible value to businesses in Japan. According to Andy Dan from HashKey DX, the XRPL was deemed the ideal blockchain infrastructure for building their proven supply chain finance solution.
HashKey Group’s success in mainland China with its blockchain supply chain solutions is noteworthy, with over 4,000 companies registered, including 23 banks and 4,300 suppliers. The total trade amount recorded exceeds $7 billion, showcasing the significant adoption and impact of their technology in the region.
SBI Group, also known as Strategic Business Innovator Group, has had a longstanding partnership with Ripple since 2017. This partnership has led to various initiatives, such as utilizing XRP for remittance services from Japan to the Philippines. In addition, SBI Holdings launched a substantial fund in 2023 to support Web3 and fintech startups in the region, further solidifying its commitment to innovation.
Despite the positive news of the partnership, Ripple’s native token, XRP, did not experience a significant price reaction. At the time of writing, XRP was trading around 1.7% higher at $0.514. The token has been relatively stagnant over the past couple of years, mainly due to ongoing legal battles with the US Securities and Exchange Commission. While XRP reached a high of $0.734 in March 2024, it has since retraced by 30% and remains significantly lower than its all-time high of $3.40 in 2018.
Overall, the partnership between Ripple and HashKey Group presents a promising opportunity to bring advanced blockchain solutions to Japan’s market, with the potential to revolutionize supply chain finance and drive innovation in the region.
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