In a significant strategic move highlighting Ripple Labs' global expansion plan, the prominent American-based payment company has joined forces with Hashkey DX, a subsidiary of Hashkey Group, to introduce enterprise solutions powered by XRP Ledger (XRPL) in Japan.

Ripple Introducing XRPL Solutions to Japan

Announced on Monday, Ripple revealed its strategic partnership with Hashkey DX, a leading entity in the Japanese fintech sector, aimed at bringing XRP Ledger capabilities to Japanese enterprises. SBI Ripple Asia and HashKey DX will collaborate to introduce enterprise solutions to the Japanese market.

The trio intends to explore potential future collaborations on various enterprise blockchain use cases leveraging XRPL's robust features. Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, emphasized that this alliance demonstrates both parties' commitment to advancing blockchain technology and delivering tangible benefits to businesses.

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Hashkey Group has achieved considerable success with its blockchain-driven supply chain financing solution, extensively adopted in mainland China since its introduction in July 2019. With over 4,000 registered businesses, including 23 banks and 4,300 suppliers, the solution has facilitated trade value and financing transactions exceeding $7 billion and $3 billion, respectively.

Building on this success, Ripple's collaboration with Hashkey Group's subsidiary will extend these solutions to the Japanese market. This partnership will make SBI Group enterprises the first in Japan to utilize this supply chain finance solution.

The XRPL, a decentralized layer 1 blockchain powering XRP, will facilitate these solutions, aiming for tokenization and exchange of both real-world assets and crypto-native assets.

According to Andy Dan from Hashkey DX, the XRP Ledger serves as the ideal blockchain infrastructure to provide a reliable supply chain financing solution.

"With its proven enterprise track record and unparalleled 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," he added.

XRPL On-Chain Lending Protocol

This partnership comes on the heels of Ripple's recent proposal, labeled 0066 XLS—66d, for a native lending protocol on the XRPL. The proposed protocol aims to establish a censorship-resistant DeFi ecosystem within the network.

Introduced by Aanchal Malhotra and Vito Tumas, the protocol aims to enable the XRP Ledger blockchain to support on-chain borrowing and lending pools. Users will have the capability to contribute fungible tokens, such as wBTC, wETH, and XRP, to a lending pool to earn interest.

Ripple stated that two new entities, Pseudo-Account and Single-Asset Tokenized Pool, need to be implemented within XRPL to activate the protocol.