Ripple Avoiding US Growth with New Hashkey DX Partnership in Japan

Published April 30, 2024 12:41 PM

By Teuta Franjkovic

Verified by Peter Henn

Ripple partners with HashKey DX to expand to Japan. | Credit: Pixabay

Key Takeaways

Ripple partners with SBI Group and HashKey DX to create its own XRP Ledger blockchain solutions, starting with supply chain finance.
SBI is the first Japanese corporation to use XRP Ledger for its supply chain.
RippleX VP predicts a $16 trillion tokenized market.
This strategic decision by Ripple indicates a possible shift in focus from prioritizing expansion within the US.

SBI Group is set to be the first pioneer Japanese corporation that adopted the XRP Ledger (XRPL) blockchain for supply chain solutions. Ripple aims to expand the use of enterprise blockchain applications in Japan.

This move by Ripple suggests a potential realignment away from focusing on expansion within the United States.

Delivering XRP-Powered Supply Chain Solutions to Japan

SBI Ripple Asia is a joint venture between SBI Holdings and Ripple. It will work with consulting firm HashKey DX to develop and launch supply chain finance solutions in Japan. These solutions will use Ripple’s XRPL network.

Just in. @Ripple team up with @HashKey_DX , to Increase the usage of the XRPL in Japan.

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… pic.twitter.com/kd4cUW5hKJ

— Cryptoinsightuk (@Cryptoinsightuk) April 30, 2024

HashKey DX head Andy Dan said :

“The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution, 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.”

HashKey Group Helpa $7 Billion in Trade

Over the last five years, HashKey Group has crafted and deployed blockchain-driven programs for supply chain finance in mainland China. Since its founding in 2019, the company has garnered a user base of over 4,000 registered entities, including 23 banks and 4,300 suppliers.

According to reports , the cumulative trade volume facilitated by the company is more than $7 billion. Also, its blockchain-based products have facilitated transactions totaling nearly $3 billion within China.

During Paris Blockchain Week, Markus Infanger, Senior Vice President of RippleX, expressed optimism regarding the future of tokenized markets, foreseeing a potential value surpassing $16 trillion. This prediction is based on the increasing involvement of traditional financial institutions in actively utilizing blockchain networks.

Ripple Rising: Acquisitions, Stablecoin & Price Up Despite SEC Woes

Ripple has been actively expanding its presence across various industries recently. In May 2023, the company moved into the custody industry by acquiring Metaco. Building upon this foundation, Ripple further diversified its portfolio by buying Standard Custody just two months ago.

Earlier this year, Ripple announced ambitious plans to launch a dollar-based stablecoin on both the XRPL and Ethereum networks, aiming to tap into the lucrative $150 billion stablecoin market. Projections indicate that this market could swell to a $2.8 trillion by 2028. Despite facing longstanding legal challenges from the United States Securities and Exchange Commission (SEC), Ripple has continued to try to expand.

Quick thoughts on Ripple’s announcement

1/ makes sense if they want to be a remittance layer. XRP is a speculative asset and anything with extreme price volatility is not useable for cross boarder payments and remittance

2/ ripple has a network of supported banks and a…

— Haider (@Haider) April 4, 2024

This strategic move by Ripple suggests a potential shift away from prioritizing growth within the United States. During the ongoing legal dispute between Ripple Labs and the SEC, a new dimension has surfaced regarding the type of evidence presented in court.

The SEC has contested Ripple’s motion to exclude specific materials, which Ripple argues constitute undisclosed expert testimony. This legal maneuvering highlights Ripple’s proactive stance in navigating the complexities of the legal landscape while potentially redirecting its focus towards growth opportunities beyond the confines of the U.S. market.

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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