On April 30, Ripple, the blockchain payments firm, unveiled a new partnership with HashKey Group, a collaboration aimed at expanding the adoption of XRP Ledger (XRPL) enterprise solutions in the Japanese market. This initiative further solidifies Ripple's ongoing collaboration with financial services giant SBI Group.

The joint venture with HashKey DX, a Tokyo-based consulting company of the HashKey Group, is set to introduce supply chain finance solutions leveraging XRPL to Japan. This strategic move was emphasized by Ripple CEO Brad Garlinghouse in a recent announcement.

The supply chain finance solutions will be built upon Ripple’s layer-1 blockchain XRP Ledger. Notably, SBI Group companies will be among the first Japanese corporations to utilize this innovative solution, marking a significant milestone in blockchain adoption in the region.

Andy Dan from HashKey DX highlighted that XRPL was the ideal blockchain infrastructure for building their proven supply chain finance solution. Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, echoed this sentiment, emphasizing the shared commitment to advancing blockchain technology and delivering tangible value to businesses in Japan.

HashKey Group has been actively involved in blockchain supply chain solutions since 2019, witnessing significant adoption in mainland China. With over 4,000 registered companies, including 23 banks and 4,300 suppliers, and a total trade amount exceeding $7 billion, HashKey Group brings valuable expertise to the partnership.

SBI Holdings, a Tokyo-based financial services company, has been a longstanding partner of Ripple since 2017. In addition to pioneering the use of XRP for remittance services in Japan, SBI Holdings launched a $663 million fund in November 2023 to support Web3 and fintech startups in the region.

Despite the positive news, Ripple’s native token, XRP, showed minimal reaction, trading around 1.7% higher at $0.514 at the time of writing. XRP has been trading sideways amid ongoing legal challenges with the US Securities and Exchange Commission, with a recent high of $0.734 in March 2024 before retreating 30% since then.