Ripple & Archax Join Forces to Tokenize Real Assets Worth Millions
The post Ripple & Archax Join Forces to Tokenize Real Assets Worth Millions appeared on BitcoinEthereumNews.com.
Ripple and Archax expand partnership to tokenize hundreds of millions in real-world assets on the XRP Ledger. XRPL to host tokenized financial assets, enhancing blockchain utility for institutional-grade financial use cases. Pioneer of business blockchain and cryptocurrency solutions, Ripple, has announced an expansion of its partnership with Archax, the first digital asset exchange, broker, and custodian in the UK licensed by the Financial Conduct Authority (FCA). Over the next year, this collaboration is expected to deliver tokenized real-world assets (RWAs) valued at hundreds of millions of dollars onto the XRP Ledger (XRPL), making XRPL a top blockchain for RWA tokenization. The development was greeted enthusiastically by crypto figures such as blockchain researcher Collin Brown, who stated, “This is a significant step towards mainstream adoption of blockchain in financial markets.” 🚀 Exciting news from the world of crypto! Ripple teams up with Archax to tokenize real-world assets, bringing hundreds of millions of dollars onto the #XRP Ledger. A significant step towards mainstream adoption of blockchain in financial markets. 💼💱 #Ripple pic.twitter.com/lbYckVX5hw — Collin Brown (@CollinBrownXRP) June 13, 2024 Archax’s Role in Tokenization Tokenizing financial RWAs, Archax works with top financial institutions. By this collaboration, these institutions can now select the XRPL for their tokenization requirements, creating a plethora of downstream prospects for these assets. This development expands upon an alliance that started in 2022 when Archax and Metaco teamed up to provide custody services for digital assets. This partnership was strengthened when Ripple acquired Metaco around the middle of 2023, in line with what CNF previously disclosed. Built-in tokenization capabilities, a native decentralized exchange, and compliance features tailored for institutional-grade financial use cases characterize the open-source, public, decentralized Layer 1 blockchain known as the XRPL. As to Markus Infanger, SVP of RippleX, “Our industry is at the outset of the next…
Filed under: News - @ June 13, 2024 8:20 pm