The SBI Group, a collection of businesses based in Japan, has spearheaded the sector by being the first Japanese company to adopt Ripple’s cutting-edge blockchain solutions. It symbolizes significant progress in integrating cutting-edge technology in Japan. For this objective, Ripple has signed a deal with HashKey DX, the branch of HashKey Group based in Tokyo that provides consulting services. As a team, their idea is to implement enterprise solutions based on XRPL in the Japanese market.
HashKey Group has successfully piloted a framework in China that uses blockchain technology to offer blockchain-based supply chain finance solutions. Since the solution was available in the public domain at the end of July 2019, it already has many clients and is very popular among them. Currently, there are 4,000 companies registered on the platform, 23 banks, and more than 4,300 suppliers. As a result, the total trade volume has surpassed $7 billion, and close to $3 billion worth of deals have been conducted.
Through its supply chain finance solutions that have already been successful, HashKey DX aims to serve local businesses in Japan by introducing these proven solutions. We are going to realize this through SBI Ripple Asia. This is a joint venture between two leaders in the financial industry, Ripple and SBI Holdings. These solutions will depend on XRPL, a decentralized layer 1 blockchain that has demonstrated that XRPL is a reliable and stable platform to handle transactions involving cryptocurrency and traditional assets over the past decade.
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Through this partnership, SBI Group companies can become trailblazers in adopting and implementing a market-leading supply chain finance solution in the Japanese market. Furthermore, this collaboration aims to explore other possible uses of enterprise blockchain technology, which consists of XRPL-specific advanced functionalities.
As for HashKey DX, the decision to use XRPL as blockchain infrastructure, according to Andy Dan of HashKey DX, was not a coincidence but a strategic step. This is because XRPL is a product developed for the enterprise sector, and it has proven excellent metrics, such as fast transaction processing speed, low costs, and, more importantly, scalability. Therefore, having done solid groundwork, we are confident in deploying the product and considerably transforming the condition of businesses in Japan via innovative and advanced software.
Emi Yoshikawa, the Vice President of Strategic Initiatives at Ripple, shared enthusiasm with Mori Yoshikawa, the VP of Strategy of Ripple, about collaboration with HashKey DX and SBI Ripple Asia. She emphasized that they are ready to cooperate and put solutions on the XRP Ledger platform in Japan that can be harnessed for use. This joint venture proves their professional determination to deploy blockchain technology and practice.
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This partnership shows the increasing influence of cryptocurrency in regular industries and sets a new bar in Asian countries for corporate finance and crypto solutions incorporation. Operating on a cooperative basis is expected to enhance effectiveness, reduce costs, and facilitate procedures for those who take part. As a result, Japan is at the center of cutting-edge technology in the world.
