Ripple Labs Forges NEW Partnership!
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April 30, 2024 6:31 pm
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Ripple Labs has formed a new partnership with HashKey Group and SBI Group to provide supply chain finance solutions for Japanese businesses.
The blockchain firm hopes to leverage the XRPL to provide solutions that will allow greater efficiencies for businesses and enterprises throughout the chain.
Additionally, Ripple believes the partnership may be a catalyst for future blockchain development in Japan. Ripple Labs announced on Monday:
“We’re excited to announce a partnership between Ripple, HashKeyGroup, and SBI Group ushering in XRPL-powered solutions, starting with supply chain finance, to Japan’s enterprise landscape.”
We’re excited to announce a partnership between @Ripple, @HashKeyGroup, and SBI Group ushering in #XRPL-powered solutions, starting with supply chain finance, to Japan's enterprise landscape. 🇯🇵
Learn more about this innovative partnership: https://t.co/GFUNdu1ci2
— Ripple (@Ripple) April 30, 2024
Ripple Labs announced in a press release:
HashKey Group has achieved significant success with its blockchain-powered supply chain finance solutions, which have seen widespread adoption in mainland China.
The solution was launched in July 2019, and currently has more than 4,000 companies registered, including 23 banks and 4,300 suppliers.
The total trade amount recorded exceeds 7 billion USD, with financing transactions nearing 3 billion USD within the solution.
Leveraging this success, HashKey DX will introduce these supply chain finance solutions to Japan through collaboration with Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple.
These solutions will be built on the XRPL, a decentralized layer 1 blockchain renowned for its decade-long reliability and stability in tokenizing and exchanging crypto-native and real-world assets.
Wrath of Kahneman, a popular XRP analyst, broke down the recent development and provided his thoughts on the newly announced partnership:
2. Recall the cos Ripple works with for trade finance related services have all been agriculture importers; Nutrisource, Oceanus, Valency, New Horizon & Star Dreams. ML & AI have important application in commodities beyond just sourcing payments. https://t.co/QNI9BEoFRk
— WrathofKahneman (@WKahneman) April 30, 2024
3. Ripple's use of AI & ML goes largely unnoticed but seems an important part of their tech stack for a couple of years now. It's a part of what was ODL.
ref.https://t.co/ZDY8EDaRKxhttps://t.co/yioNY7w7Nbhttps://t.co/RKEWB3NamAhttps://t.co/y9N1FQvtK2https://t.co/Zbk33HsorA…
— WrathofKahneman (@WKahneman) April 30, 2024
Finbold provided a price analysis for XRP:
Over recent months, XRP/USD has shown significant volatility, characterized by a fluctuating price trajectory and varied momentum signals from the Relative Strength Index (RSI).
According to the latest data, XRP’s price has declined by approximately 6.41% from earlier in the year, now trading around $0.494.
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