Ripple is joining forces with SBI Group and HashKey DX to bring XRPL-powered supply chain finance to Japan.
Tokyo-based HashKey operates its own blockchain-based supply chain finance product in mainland China. It currently has more than 4,000 companies registered, including 23 banks and 4,300 suppliers. The total trade amount recorded exceeds $7 billion, with financing transactions nearing $3 billion USD.
Now the firm is collaborating with Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, to build similar products for the Japanese market on the XRPL, a decentralized layer 1 blockchain.
As part of this partnership, SBI Group companies will become the first Japanese corporations to utilise the service.
Commenting on the partnership, Andy Dan from HashKey DX states: “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.”