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.
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.
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.
Featured image from iStock, chart from Tradingview.com
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