Ripple, the American blockchain payments services company behind XRP, today announced that it is strategically merging forces with HashKey DX, the Tokyo-based arm of the digital asset financial services company, HashKey Group. Coming as a mover to facilitate XRP Ledger (XRPL)-powered solutions to the Japanese market, the collaboration between the abovementioned entities has set the crypto town talking about Ripple’s cryptographic developments, in turn, fueling optimism for the company’s native token.

XRP Ledger is a decentralized blockchain technology that powers the digital currency XRP, a Ripple-backed cryptocurrency. Here’s an in-depth report on Ripple’s collaboration with the Asian digital asset financial services company.

HashKey DX To Introduce Supply Chain Finance Solutions With Ripple Merger

HashKey Group, a blockchain pioneer within the Asian landscape, is all set to introduce supply chain finance solutions to Japan through a collaboration with Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. Utilizing the XRPL, a decentralized layer 1 blockchain on which XRP functions, these solutions eye tokenizing and exchanging both crypto-native and real-world assets.

Following this collaboration, SBI Group companies are primarily poised to pioneer the adoption of supply chain finance solutions. Moreover, the three entities are expected to further explore collaborative ventures on various enterprise blockchain use cases that will leverage the robust capabilities of the XRPL ahead.

This statement, released by Ripple on April 29, has ignited a sense of frenzy across the Japanese Web3 horizon. Further, Andy Dan from HashKey DX stated, “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.”

Ripple’s strategic expansion into the Japanese market underscores a well-contemplated move by the American blockchain payments company. Simultaneously, XRP traded in the green at press time, following a considerable sluggish performance over the past few days.

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Ripple’s XRP Jumps

As of writing, the XRP token’s price has risen 1.69% in the past 24 hours and is currently trading at $0.5162. Following a noteworthy trading in the red yesterday, today’s rising price action primarily aligns with the abovementioned optimistic development. This has added an optimistic dash to the Ripple-backed token despite its regulatory uncertainties due to the U.S. SEC and recent sluggish market performance. 

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The post Ripple Collaborates HashKey DX To Facilitate XRPL Solutions In Japan appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am