Ripple Goes Big in Japan, Partners with HashKey to Launch XRPL-Powered Solutions

Ripple and SBI Group recently formed a partnership with Tokyo-based HashKey DX to launch XRPL-powered solutions in Japan, starting with the supply chain finance industry.

Amid the growing adoption of blockchain technology, Ripple, a leading enterprise blockchain solutions provider, has continued to introduce products aimed at leveraging this trend. The latest feat involves a partnership with HashKey DX, a subsidiary of the HashKey Group.

In a recent announcement, Ripple confirmed that its collaboration with HashKey DX, along with SBI Ripple Asia, will help launch enterprise solutions powered by the XRP Ledger (XRPL) to the Japanese market. The company plans to start with the introduction of supply chain finance solutions. 

Ripple to Launch a Supply Chain Finance Product in Japan

Blockchain use in supply chain finance has grown over the years, as companies turn to the nascent technology to address security and transparency issues in supply chain. A report from Verified Markets Research noted that the blockchain in supply chain finance market is expected to grow from $360 million in 2021 to $13.4 billion in 2030.

Notably, to enter this market, Ripple will utilize HashKey DX’s supply chain finance product, introduced in July 2019 and now prominent in China. The product now boasts 4,300 suppliers and 4,000 onboard companies, with up to 23 banks. It has also crossed $7 billion in cumulative trade over the past five years.

With the product already gaining traction in China, Ripple’s collaboration with HashKey DX will introduce it to the Japanese market. According to the announcement, the product will launch on the XRP Ledger, with SBI Group, Ripple’s long-term partner, serving as the first firm to leverage it in Japan.

Meanwhile, the partnership between Ripple, SBI and HashKey DX will not conclude with the launch of the supply chain finance product. Instead, the trio will leverage the partnership to further explore other product use cases to launch on the XRPL for the Japanese market in the future.

Ripple’s Consistent Expansive Efforts

Ripple has been making multiple strides to penetrate several industries in recent times, and the latest endeavor marks one of these efforts. Last May, the firm acquired Metaco to enter the custody industry. Further broadening its scope with the acquisition of Standard Custody two months back.

Earlier this year, it announced plans to launch a USD stablecoin on the XRPL and Ethereum to penetrate the $150 billion-valued stablecoin market. This market is also projected to reach a valuation of $2.8 trillion by 2028. Ripple has continued these expansive moves despite its age-long legal battle with the U.S. SEC.