Ripple Collaborates HashKey DX To Facilitate XRPL Solutions In Japan

Coingapestaff
April 30, 2024
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XRP News: XRPL Undergoes Major Shift As Decentralized ID Goes Live

Highlights

  • Ripple Labs collaborates with HashKey Group's Tokyo-based arm.
  • The collaboration eyes facilitation of XRPL solutions in Japan via supply chain solutions brought by SBI Ripple Asia.
  • XRP price jumps today.

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’s price.

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

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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.

Also Read: Hong Kong Bitcoin ETFs Offers These Advantages Over The US ETFs

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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. 

Also Read: Bitcoin and Ethereum ETFs Go Live In Hong Kong, Will They Meet Expectations?

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.