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To provide supply chain financing solutions based on the XRP Ledger to the Japanese market, HashKey DX, a branch of HashKey Group with headquarters in Tokyo, and leading payments company Ripple have formed a strategic alliance.
Ripple is going to work with SBI Holdings, a well-known financial services firm in Japan, in addition to HashKey DX. They have been collaborating on remittances to Japan since 2016, and this agreement expands their connection even further.
HashKey Group, a Hong Kong-based Web3 infrastructure developer, has demonstrated its growing influence with a valuation exceeding $1.2 billion as of January. Notably, the company has already introduced blockchain-powered supply chain finance solutions in mainland China, involving 23 banks and 4,300 suppliers.
Ripple’s partnership announcement emphasizes HashKey’s successful deployment in China and outlines plans to replicate this success in Japan.
Ripple underscores the significance of this partnership, highlighting SBI Group companies as the initial adopters of the supply chain finance solution in Japan. Moving forward, the trio intends to explore further collaborations, particularly in enterprise blockchain applications, leveraging the robust capabilities of the XRP Ledger.
“As part of this partnership, SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution. Looking ahead, the three companies will explore further collaboration on various enterprise blockchain use cases that will leverage the robust capabilities of the XRPL,” stated Ripple.