As an experienced financial analyst, I have closely followed the developments in the blockchain and cryptocurrency space for several years. The recent partnership between Ripple and HashKey Group, which includes the deployment of XRP Ledger enterprise solutions to the Japanese market, is a significant step forward for both companies.
On April 30, I came across the news that Ripple had formed a new partnership with HashKey Group. This collaboration builds upon Ripple’s existing relationship with SBI Group in the financial services sector.
In partnership with HashKey DX, a Tokyo-based consulting firm under the HashKey Group umbrella, we plan to bring XRP Ledger (XRPL) business solutions to the Japanese market.
Through their new partnership, HashKey DX will introduce supply chain financing solutions in Japan. This development was announced by the company’s CEO, Brad Garlinghouse, in a recent post on X.
JapanXRPL
— Brad Garlinghouse (@bgarlinghouse) April 30, 2024
XRPL Adoption
Ripple’s primary blockchain, XRP Ledger, will serve as the foundation for developing the advanced tech in our supply chain. With this innovation, SBI Group companies will be the pioneers among Japanese businesses adopting this groundbreaking finance solution for their supply chain operations.
“Andy Dan from HashKey DX remarked that the XRPL (XRP Ledger) provided the optimal blockchain platform for creating our successful supply chain financing product,” is a suggested paraphrase.
Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, noted that this partnership reflects a mutual dedication between the companies to “progress blockchain technology and bring real benefits to Japanese businesses.”
As a crypto investor, I’ve noticed that HashKey Group, a leading player in the industry, introduced blockchain-based supply chain solutions back in 2019. Since then, there has been substantial growth in demand for these offerings within mainland China.
Over 4,000 businesses are presently registered in our system, among which are 23 banking institutions and approximately 4,300 suppliers. The accumulated trade volume exceeds $7 billion.
SBI Holdings, headquartered in Tokyo, is a leading financial services organization.
Since 2017, our company has enjoyed a robust collaboration with Ripple. We were the pioneer in Japan to employ XRP as the mediator for transferring funds for remittances from Japan to the Philippines using Ripple’s platform.
In November 2023, SBI Holdings initiated a $663 million investment fund aimed at supporting Web3 and fintech businesses in the area. Concurrently, they partnered with Circle, a well-known stablecoin issuer, to promote the usage of USDC in Japan during the same month.
XRP Outlook
As a crypto investor, I’ve observed that Ripple’s native token, XRP, didn’t show any significant reaction to the latest news and was instead trading approximately 1.7% up at a price of around $0.514 when I penned this down.
For nearly two years, the value of the asset linked to cross-border payments has remained relatively stable, with little significant price movement, due in large part to an ongoing legal dispute between the company and the US Securities and Exchange Commission.
On March 12, XRP reached its peak price of $0.734 for the year 2024. However, since then it has experienced a decline of approximately 30%. Sadly, this sets XRP back 85% from its record-breaking high of $3.40, which was attained more than six years ago in 2018.
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2024-05-01 01:11