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Ripple

Ripple Expands Reach In Japan: Partners With Hashkey DX For XRPL Solutions

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant move that underscores Ripple Labs‘ global expansion strategy, the popular American-based payment firm and Hashkey DX – a subsidiary of Hashkey Group have formed a strategic alliance to launch enterprise solutions powered by XRP Ledger (XRPL) in Japan.

Ripple Bringing XRPL Solutions To Japan 

On Monday, Ripple announced the strategic collaboration with Hashkey DX- a leading player in the Japanese fintech space, to bring XRP Ledger capabilities to enterprises in Japan. Ripple affirmed that SBI Ripple Asia and HashKey DX’s partnership will aid in the introduction of enterprise solutions to the Japanese market.

The three companies plan to investigate potential future cooperation on a range of enterprise blockchain use cases that will make use of the XRPL’s vigorous features. Ripple Vice President of Strategic Initiatives Emi Yoshikawa stated that this alliance underscores both parties’ dedication to developing blockchain technology and providing real benefits to companies.

Related Reading: Ripple Sends Major Update To All XRP Users 

Over time, Hashkey Group has found tremendous success with its blockchain-powered supply chain financing solution, and mainland China has adopted them widely. Since its July 2019 introduction, the solution has registered over 4,000 businesses, including 23 banks and 4,300 suppliers, with overall trade value and financing transactions surpassing $7 billion and $3 billion, respectively.

Given the widespread adoption in China, Ripple’s partnership with the Hashkey Group subsidiary will now bring these solutions to the Japanese market. With the alliance, SBI Group enterprises will become the first in Japan to use this supply chain finance solution.

The XRPL, a decentralized layer 1 blockchain that powers XRP, will be used to facilitate these solutions, eyeing tokenization and exchange of both real-world assets and crypto-native.

According to Andy Dan from Hashkey DX, for the company to provide a reliable supply chain financing solution, the XRP Ledger was the perfect blockchain infrastructure.

“With its proven enterprise track record and unmatched performance metrics, including rapid settlement speeds, low costs, and scalability, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan,” he added.

XRPL On-Chain Lending Protocol

This union comes two weeks after Ripple revealed its proposal labeled 0066 XLS—66d for a native leading protocol on the XRPL. The proposal is to create a DeFi ecosystem inside the network that is immune to censorship.

Related Reading: Ripple Shares 2 Major Technical Advances For The XRP Ledger

Introduced by Aanchal Malhotra and Vito Tumas, the protocol is intended to give the XRP Ledger blockchain the capacity to support on-chain borrowing and lending pools. Additionally, it enables users to add fungible tokens, including wBTC, wETH, and XRP, to a lending pool in order to earn interest.

According to the firm, two new entities, Pseudo-Account and Single-Asset Tokenized Pool must be implemented within XRPL in order to activate the protocol.

Ripple
XRP trading at $0.5015 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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