Payments firm Ripple has inked a new partnership with the Tokyo-based arm of HashKey Group in an effort to bring XRP Ledger-based supply chain finance solutions to Japan.
Ripple and HashKey DX, a Japanese consulting company of the HashKey Group, will also work with Japanese financial services giant SBI Holdings, which has been partnered with the San Francisco payments firm on remittances in Japan since 2016.
HashKey Group is a Hong Kong-based Web3 infrastructure developer that reported a valuation of more than $1.2 billion in January, according to a Bloomberg report.
Ripple notes in a new partnership announcement that HashKey has launched blockchain-powered supply chain finance solutions across mainland China, registering 23 banks and 4,300 suppliers.
Now, the payments firm and HashKey DX aim to offer the same solutions in Japan.
Explains Ripple,
“As part of this partnership, SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution. Looking ahead, the three companies will explore further collaboration on various enterprise blockchain use cases that will leverage the robust capabilities of the XRPL.”
XRP is trading at $0.4975 at time of writing. The eighth-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.
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