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Ripple Avoiding US Growth with New Hashkey DX Partnership in Japan

Last Updated April 30, 2024 12:41 PM
Teuta Franjkovic
Last Updated April 30, 2024 12:41 PM
By Teuta Franjkovic
Verified by Peter Henn

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.

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.

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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