Ripple, the American blockchain payments services startup behind XRP, has partnered with HashKey DX, the Tokyo-based subsidiary of HashKey Group, a digital asset financial services provider. The alliance intends to facilitate XRP Ledger (XRPL)-powered solutions for the Japanese market.
The partnership’s primary goal is to use the XRP Ledger to deliver enterprise solutions to Japanese customers. They will be introduced in collaboration with SBI Ripple Asia, a joint venture between Japanese banking behemoth SBI and Ripple that debuted in 2018. SBI Group will be the first to use this supply chain solution among Japanese firms.
Ripple Vice President Emi Yoshikawa has announced that SBI Group would utilize the XRP Ledger to create visitor NFTs at the World Expo 2025 in Osaka, Japan. This marks a massive milestone for Ripple and the widespread use of blockchain technology. Official NFTs (“MYUAKU-N”) will be issued to millions of visitors.
HashKey Group, a blockchain-powered supply chain financing solution, is gaining traction in mainland China, with over 4,000 registered enterprises and a total transaction volume of over $7 billion. The business intends to bring these solutions to Japan with Ripple and SBI Ripple Asia. It utilizes the XRPL decentralized layer 1 blockchain, recognized for its dependability and stability when tokenizing and trading crypto-native and real-world assets.
SBI Group firms will be the first Japanese corporations to use this supply chain financing solution as part of this collaboration. Looking ahead, the three businesses plan to collaborate on various enterprise blockchain use cases that will use the XRPL’s powerful features.
SBI has been utilizing Ripple Payments for cross-border transactions since 2017, and in 2021, it will integrate XRP as a bridge into its system. SBI intends to focus on corporate and inward transactions through cooperation with Ripple and other fintech companies. A cryptocurrency-focused company in Singapore has been licensed to market securities to institutional clients.
