Ripple signs SBI, HashKey to launch XRP in Japan

SBI Group is set to become the first Japanese corporation to implement XRP Ledger (XRPL) blockchain solutions for supply chain management. The alliance comes as Ripple expands the use of enterprise blockchain solutions in Japan.

Separately, Ripple has teamed up with the Tokyo-based consulting firm HashKey DX to lead the rollout of XRPL enterprise solutions in Japan. The partnership will also involve SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, which will focus on developing supply chain finance solutions using the XRPL blockchain.

Andy Dan, head of HashKey DX, said: “The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution… We are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan.”

HashKey Group, the parent company of HashKey DX, boasts a solid track record of implementing blockchain projects, especially in mainland China. Since 2019, the group has developed blockchain-powered supply chain finance solutions that are now used by over 4,000 registered companies, including 23 banks and 4,300 suppliers. These solutions have supported over $7 billion in trade and financed nearly $3 billion in transactions.

At Paris Blockchain Week, RippleX’s Markus Infanger talked about the huge potential blockchain tech has in traditional finance sectors. He mentioned that as these institutions get more involved, tokenized markets could skyrocket to over $16 trillion in value. What’s interesting is that they’re not just sticking to the usual centralized networks as these players are also diving into decentralized platforms like XRPL, Stellar, and Ethereum to put financial assets on the blockchain.

Infanger also mentioned that advanced discussions are ongoing with various financial institutions interested in launching tokenization projects on the XRP Ledger, with use cases and distribution strategies already being defined.

Circle, the company behind the USD Coin (USDC) stablecoin, is already collaborating with SBI Holdings to deepen the adoption of USDC and Web3 services in Japan. SBI VC Trade, a crypto subsidiary of SBI Holdings, is tasked with obtaining the necessary regulatory approvals to facilitate the circulation of USDC.