In an important gesture that highlights Ripple LabsAs part of its global expansion strategy, the popular American payments company 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 brings XRPL solutions to Japan
Monday, Ripple announcement the strategic collaboration with Hashkey DX, a leading player in Japanese fintech, to bring XRP Ledger capabilities to Japanese businesses. Ripple claimed that the partnership between SBI Ripple Asia and HashKey DX would help introduce enterprise solutions to the Japanese market.
The three companies plan to explore possible future cooperation on a series of enterprise blockchain use cases that will utilize the powerful features of XRPL. Emi Yoshikawa, Ripple’s vice president of strategic initiatives, said this alliance highlights both parties’ commitment to developing blockchain technology and bringing real benefits to businesses.
Over time, Hashkey Group has seen huge success with its blockchain-based supply chain finance solution, and mainland China has widely adopted them. Since its introduction in July 2019, the solution has registered more than 4,000 companies, including 23 banks and 4,300 suppliers, with an aggregate business value and financing transactions exceeding $7 billion and $3 billion, respectively.
Given their widespread adoption in China, Ripple’s partnership with subsidiary Hashkey Group will now bring these solutions to the Japanese market. Through this alliance, SBI Group companies will become the first in Japan to use this supply chain financing solution.
XRPL, a decentralized layer 1 blockchain that powers XRPwill be used to facilitate these solutions, considering tokenization and exchange of real-world and crypto-native assets.
According to Andy Dan of Hashkey DX, for the company to provide a reliable supply chain finance solution, the XRP Ledger was the perfect blockchain infrastructure.
“With its proven business track record and unrivaled performance indicators, including fast settlement speeds, low costs and scalability, we are confident in our ability to drive significant transformation and introduce innovative and cutting-edge solutions for businesses in Japan,” he added.
XRPL On-Chain Lending Protocol
This union comes two weeks after Ripple revealed its proposal titled 0066 XLS—66d for a leading native protocol on XRPL. The proposal is to create a DeFi ecosystem within the network that is immune to censorship.
Introduced by Aanchal Malhotra and Vito Tumas, the protocol aims to give XRP Ledger blockchain the ability to support on-chain borrowing and lending pools. Additionally, it allows users to add fungible tokens including wBTC, wETH, and XRP to a lending pool in order to earn interest.
According to the company, two new entities, Pseudo-Account and Single-Asset Tokenized Pool, need to be implemented within XRPL in order to enable the protocol.
Featured image from iStock, chart from Tradingview.com
