Ripple Announces New Tokenized Funds As XRP Tops Charts
The post Ripple Announces New Tokenized Funds As XRP Tops Charts appeared on BitcoinEthereumNews.com.
Ripple has now announced plans to increase the number of tokenized funds through a partnership with Archax, a UK-based FCA-regulated digital marketplace for real-world assets. This comes as XRP, the native cryptocurrency of Ripple has been undergoing an intense bullish trend in the following weeks. The token reached $1.09 as of November 20 up by over 50% over one week as a result of the announcement. – Advertisement – Source: X Tokenized Funds: A New Era of Accessibility Archax announced the addition of tokenized money-market funds (MMFs) from three major financial institutions. These three major asset managers in the UK are State Street Global Advisors, Fidelity Internation-, and Legal & General Investment Management (LGIM). These funds will at first be sold in the form of tokens that are based on the clients’ share of physical assets held by the platform. – Advertisement – These are State Street USD/GBP/EUR Liquidity Funds, Fidelity’s ILF USD/Sterling/Euro Funds, and LGIM’s Sterling/USD/Euro Liquidity Funds. Such tokens are likely to circulate on blockchains including Hedera Hashgraph, XRPL, and Arbitrum. This is expected to unlock yield-bearing MMFs. They are generally accessible to a broad base of investors. These include holders of stablecoins, and fintechs as well as institutional players keen on innovative ways of deploying their cash war chests. The tokenized funds also hold use cases beyond investment in tokenized securities. They can also be used for paying and financial transactions using tokenized funds as collateral. It is noteworthy that Graham Rodford, the CEO of Archax, devoted much of his speech to the subject of tokenization. He emphasized how it increases the efficiency of products on behalf of clients and widens the range of accessible financial instruments. XRP Rallies Over 50% in a Week Ripple announced this during the time that the price of the XRP token…
Filed under: News - @ November 22, 2024 1:27 pm