The post Ripple Price Gains 16% Post XRP Ledger & Archax Fund Launch appeared on BitcoinEthereumNews.com.

Ripple, the controversial blockchain’s path to rapid recovery after the SEC Case victory, is the talk of the town. Archax, the UK-based FCA-regulated digital asset exchange, broker, and custodian, has introduced a tokenized version of abrdn’s US dollar Liquidity Fund (Lux) on the XRP Ledger (XRPL). The launch marks the first tokenized money market fund available on XRPL, a blockchain platform increasingly recognized for supporting real-world asset (RWA) tokenization and institutional decentralized finance (DeFi). With the announcement of the money fund, XRP Price has gained over 10% and is currently trading at $1.5. Ripple’s Growing XRP Ledger The fund is part of abrdn’s broader £3.8 billion US dollar liquidity portfolio and stems from a collaboration between Archax and Ripple, a blockchain-focused enterprise solutions provider. Ripple has committed USD $5 million to tokens in the fund, underscoring the potential for blockchain infrastructure to improve cost-efficiency and settlement processes in capital markets. Tokenized money market funds have already surpassed USD $1 billion in assets under management globally, with McKinsey estimating the broader tokenized asset market could reach $16 trillion by 2030. This highlights a growing institutional interest in blockchain applications for traditional financial instruments. Duncan Moir, Senior Investment Manager at abrdn, emphasized the benefits of blockchain technology, stating, “The next evolution of financial market infrastructure will come from digital securities. Moving the investment and settlement process on-chain delivers tangible efficiencies, and the XRPL provides the institutional-grade capabilities needed for this transition.” Ripple’s Senior Vice President of RippleX, Markus Infanger, highlighted the XRPL’s expanding role in asset tokenization, noting, “This development exemplifies how real-world assets are being brought on-chain to streamline processes and reduce costs. The on-chain economy is evolving rapidly, and Ripple remains committed to supporting financial institutions in leveraging blockchain for utility at scale.” Archax’s CEO, Graham Rodford, pointed to the…

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Filed under: News - @ November 25, 2024 11:24 am