Ripple, along with SBI Group, has joined forces with Tokyo-based HashKey DX to introduce XRPL-powered solutions in Japan. They’re starting with supply chain finance, aiming to leverage blockchain technology’s growing adoption.
Ripple, a leading provider of enterprise blockchain solutions, continues to roll out products to capitalize on this trend. This partnership with HashKey DX, a subsidiary of the HashKey Group, marks their latest move. Together with SBI Ripple Asia, Ripple plans to launch enterprise solutions powered by the XRP Ledger (XRPL) in the Japanese market, beginning with supply chain finance solutions.
Blockchain’s Impact on Supply Chain Finance
Blockchain technology has seen increased use in supply chain finance as companies seek solutions for security and transparency issues. According to a report from Verified Markets Research, the blockchain in supply chain finance market is expected to grow from $360 million in 2021 to $13.4 billion in 2030.
Ripple’s Entry into the Market: Ripple plans to enter this market by leveraging HashKey DX’s supply chain finance product, which gained prominence in China since its introduction in July 2019. With 4,300 suppliers, 4,000 onboard companies, and involvement from up to 23 banks, the product has facilitated over $7 billion in cumulative trade over the past five years.
Expansion into Japan: Having gained traction in China, Ripple’s collaboration with HashKey DX aims to introduce the product to the Japanese market. The product will launch on the XRP Ledger, with SBI Group being the first firm in Japan to leverage it, given its long-standing partnership with Ripple.
Future Endeavors: The partnership between Ripple, SBI, and HashKey DX won’t stop with the supply chain finance product launch. They plan to explore other product use cases to launch on the XRP Ledger for the Japanese market in the future.
Ripple’s Expansion Across Industries
Ripple has been actively expanding into various industries, with its latest endeavor being a notable example. Last May, the company acquired Metaco to enter the custody industry. This move was followed by the acquisition of Standard Custody two months ago, further broadening its scope.
Earlier this year, Ripple announced plans to launch a USD stablecoin on the XRPL and Ethereum, aiming to tap into the $150 billion-valued stablecoin market. Projections suggest this market could reach a valuation of $2.8 trillion by 2028.
Despite facing legal challenges from the U.S. SEC, Ripple has continued to make expansive moves across industries.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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