Ripple Labs Partners HashKey DX to Launch Enterprise Solutions in Japan

Ripple, the foremost enterprise blockchain payment network, has entered a partnership with HashKey DX, the consulting company of the HashKey Group, to bring XRP Ledger (XRPL)-powered enterprise solutions in Japan.

The Tokyo-based company in collaboration with RIpple and SBI Ripple, which the two companies operate, will introduce supply chain finance solutions to Japan. As part of the partnership, SBI Companies will become the first Japanese firms to use this supply chain finance solution, also taking advantage of HashKey Group’s experience in supplying solutions in Asia.

Speaking on the partnership, Vice President of Strategic Initiatives at Ripple, Emi Yoshikawa said the partnership demonstrates Ripple’s commitment towards promoting the use of blockchain technology and demonstrating its applications in business.

“We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses,” Yoshikawa said.

HashKey Group Expanding Coverage

This partnership marks a major milestone for both Ripple and HashKey Group, but particularly for the latter. The company has made significant progress with its blockchain-powered supply chain finance solutions which have been well received in mainland China. 

Nonetheless according to the CEO of HashKey DX Andy Dan, the company is confident that it will drive the transformation of businesses in Japan with innovative, cutting-edge solutions through this partnership with Ripple.

“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.”

Beyond the partnership, the companies also plan to explore other future blockchain use cases that could leverage the enterprise capabilities of XRPL.

Ripple Entering the Stablecoin Market

Ripple seems to be expanding its reach in the crypto market. The company recently stated its plans to launch a USD-pegged stablecoin. Senior Vice-President at Ripple, Markus Infanger says the move is in response to the critical role that stablecoins play in the crypto industry.

“Our assessment of the market shows very clearly stablecoins are playing an important role. They’re here to stay and they’ve been growing significantly, and we firmly believe the growth will continue to be very strong,” he said.

This will make Ripple the latest company to launch a stablecoin. Other companies that have launched stablecoins include Tether with USDT, Circle with USDC, and more recently PayPal with PYUSD, all of them pegged to the USD.

With the increasing regulatory pressure and Ripple’s battle with the SEC, one would wonder if this is a timely move.