In a significant move that highlights Ripple Laboratoriesglobal expansion strategy, the popular US payments company and Hashkey DX, a subsidiary of Hashkey Group, have formed a strategic alliance to introduce enterprise solutions based on XRP Ledger (XRPL) in Japan.
Ripple brings XRPL solutions to Japan
Ripple on Monday announced strategic collaboration with Hashkey DX – a leading player in the Japanese fintech space, aimed at bringing the capabilities of XRP Ledger to enterprises in Japan. Ripple has confirmed that the SBI Ripple Asia and HashKey DX partnership will lend a hand bring its enterprise solutions to the Japanese market.
The three companies plan to explore potential future collaboration on a range of enterprise blockchain operate cases that will leverage XRPL’s advanced features. Ripple’s Vice President of Strategic Initiatives, Emi Yoshikawa, stated that this alliance highlights both parties’ commitment to advancing blockchain technology and providing real benefits to companies.
Overtime, Hashkey Group has achieved great success with its blockchain-based supply chain financing solution, and mainland China has widely adopted it. Since its launch in July 2019, over 4,000 companies have signed up to the solution, including 23 banks and 4,300 suppliers, and the total value of trade and financial transactions has exceeded $7 billion and $3 billion, respectively.
Given its widespread operate in China, Ripple’s partnership with subsidiary Hashkey Group will now bring these solutions to the Japanese market. Thanks to the alliance, SBI Group companies will become the first in Japan to benefit from this supply chain financing solution.
XRPL, the Layer 1 decentralized blockchain that powers XRPwill be used to facilitate these solutions, with a view to tokenization and exchange of both real and crypto assets.
According to Andy Dan of Hashkey DX, for the company to provide a reliable supply chain financing solution, XRP Ledger was the ideal blockchain infrastructure.
“With a proven enterprise track record and unrivaled performance metrics, including brisk settlement speeds, low costs and scalability, we are confident in our ability to drive significant transformation and introduce pioneering, cutting-edge enterprise solutions in Japan,” he added.
XRPL on-chain lending protocol
This union comes two weeks after Ripple revealed his proposal marked 0066 XLS-66d for a native lead protocol on XRPL. The proposal is to create a censorship-resistant DeFi ecosystem within the network.
The protocol introduced by Aanchal Malhotra and Vito Tumas aims to ensure XRP Ledger Blockchain enables pools of loans and on-chain loans to be operated. Additionally, it allows users to add fungible tokens including wBTC, wETH, and XRP to the lending pool to earn interest.
According to the company, to activate the protocol, two novel entities must be implemented within XRPL: a pseudo-account and a single-asset tokenized pool.
Featured image from iStock, chart from Tradingview.com
