Ripple teams up with HashKey DX on blockchain-based supply chain finance in Japan Ripple teams up with HashKey DX on blockchain-based supply chain finance in Japan
Ripple continues to strengthen its global presence despite the regulatory issues in its home country.
2 min read
Updated: Apr. 30, 2024 at 2:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto firm Ripple is expanding its XRP Ledger (XRPL) enterprise solutions to Japan through a strategic collaboration with HashKey DX, the Tokyo-based specialized consulting company of the HashKey Group, according to an April 30 statement.
In this partnership, HashKey DX will work alongside Ripple and SBI Ripple Asiaโa collaboration between SBI Holdings and Rippleโto develop and implement supply chain finance solutions tailored for the Japanese market.
HashKey Group brings valuable expertise and a track record of successful blockchain-powered supply chain finance solutions in mainland China. Its existing solution, launched in 2019, boasts over 4,000 registered companies, including 23 banks and 4,300 suppliers, and has facilitated trade transactions exceeding $7 billion and financing transactions nearing $3 billion.
The company hopes to repeat this success by delivering “meaningful transformation and introducing innovative, cutting-edge solutions for businesses in Japan.”
Andy Dan from HashKey DX said:
“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.”
Ripple, SEC battle continues
In the ongoing legal tussle between Ripple and the US Securities and Exchange Commission (SEC), fresh developments have emerged regarding the potential testimony of SEC accountant Andrea Fox and its implications for the crypto company’s fines.
Ripple had contested Fox’s testimony, asserting that the SEC cannot designate her as an expert witness to introduce new information.
In response, the SEC argued that Fox serves as a summary witness whose report does not rely on specialized expertise or offer expert opinions. Instead, it simply applies basic arithmetic to Ripple’s financial records to present evidence efficiently to Judge Torres.
The SEC initially sought penalties totaling approximately $2 billion against Ripple. However, the Brad Garlinghouse-led company proposed a more modest $10 million fine, disputing the severity of the regulator’s requested penalties.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Hashkey Capital
HashKey Capital is an institutional asset manager investing solely in blockchain technology and digital assets.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.
