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Ripple partners with SBI Group and HashKey DX for XRPL solutions in Japan

Ripple partners with SBI Group & HashKey DX to introduce XRPL solutions in Japan. HashKey DX to leverage XRPL’s features for innovative blockchain solutions in Japan. SBI Group to pioneer the use of XRPL technology in supply chain management in Japan. Ripple has forged a groundbreaking alliance with SBI Group and HashKey DX to bring…

Ripple partners with SBI Group & HashKey DX to introduce XRPL solutions in Japan.
HashKey DX to leverage XRPL’s features for innovative blockchain solutions in Japan.
SBI Group to pioneer the use of XRPL technology in supply chain management in Japan.

Ripple has forged a groundbreaking alliance with SBI Group and HashKey DX to bring innovative blockchain solutions to the Japanese market.

This collaboration marks a significant milestone in the adoption of XRP Ledger (XRPL) technology in Japan’s corporate landscape.

HashKey DX to introduce XRPL to Japanese businesses

Recognizing XRPL’s enterprise capabilities such as fast settlement speeds, low costs, and scalability, HashKey DX is poised to introduce innovative blockchain solutions to Japanese businesses.

With a track record of success in implementing blockchain-powered supply chain finance solutions in China, HashKey DX brings invaluable expertise to the table.

Over the past years, HashKey Group has facilitated over $7 billion in trade transactions and financed nearly $3 billion in China through its blockchain platform. Now, with Ripple’s partnership, they aim to replicate this success in Japan.

Andy Dan, the head of HashKey DX, expressed confidence in their ability to drive transformation and deliver cutting-edge solutions tailored to the needs of Japanese enterprises.

SBI Group to use XRPL in supply chain management

SBI Group, a prominent Japanese corporation, is set to pioneer the use of the introduced XRPL enterprise blockchain solutions in supply chain management.

Following the partnership, SBI Group and HashKey DX are poised to revolutionize supply chain finance in Japan leveraging XRPL’s proven track record for enterprise use.

RippleX tokenized market outlook

Besides the SBI Group and HashKey DX partnership, RippleX is actively engaged in discussions with financial institutions, exploring opportunities for asset tokenization on the XRP Ledger and

Markus Infanger, the senior vice president of RippleX, envisions a promising future for tokenized markets.

With traditional finance players increasingly embracing blockchain networks like XRPL, Stellar, and Ethereum, Infanger predicts the total value of tokenized markets could exceed $16 trillion.

Infanger emphasizes that the adoption of blockchain technology is not limited to permissioned, centralized networks but extends to decentralized protocols like XRPL. These discussions with financial institutions indicate a growing interest in leveraging blockchain for real-world applications beyond traditional banking systems.

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The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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Bitcoin

First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.