ripple and Archax to Bring Millions Worth of Tokenized RWA to XRP Ledger
XRP News: Global crypto payments and financial solutions firm partnered with Ripple ArchaxIt is the UK’s first Financial Conduct Authority-regulated crypto exchange, broker and custodian, according to an official announcement. XRP Ledger Apex 2024 peak Thursday. These crypto companies will work to bring hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRP Ledger over the next year.
Ripple Expands Partnership with Archax
In a June 13 press release, Ripple said it is expanding its collaboration with digital asset exchange Archax to establish XRP Ledger (XRPL) as the leading blockchain in the tokenization of real-world assets (RWA).
Ripple CEO Brad Garlinghouse reacted to the announcement and shared his excitement about the partnership. “I expect this to grow exponentially in the future,” he added, as financial institutions actively tokenize their RWAs on XRPL and other Layer-1 blockchains.
The collaboration with Archax will enable financial institutions to use XRPL to tokenize their RWAs, creating opportunities for multiple next-generation use cases for these assets.
The new agreement represents an expansion of the Ripple and Archax partnership established in 2022, during which Metaco began offering digital asset custody services to Archax customers.
“Ripple is excited to see Archax’s vision to drive the adoption of blockchain and digital asset technology among financial institutions come to life, while underlining that XRPL is one of the leading blockchains for RWA tokenization,” he said. Markus InfangerSenior Vice President of RippleX.
Also Read: Ripple Brings Ethereum Virtual Machine (EVM) Capability to XRPL
XRP Ledger Capabilities in Real-World Asset Tokenization
RWA Tokenization brings financial and other industries closer to the adoption of digital assets and expanding the use of blockchain in the global financial infrastructure.
XRPL has strong use in RWA tokenization and enterprise-level DeFi due to its proven reliability and efficiency. It also has extensive features such as Automated Market Maker (AMM) and the upcoming Decentralized Identifier (DID), Multi-Purpose Tokens (MPT) capability, Lending Protocol, and a roadmap for Oracles.
Ripple also introduced the XRPL EVM Sidechain to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, opening up new possibilities in DeFi and RWA usage.
XRP price is currently trading at $0.486, up around 1% in the last 24 hours. The 24-hour high and low are $0.4975 and $0.4812 respectively.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with CoinGape Media. He currently covers the latest updates and developments in the crypto industry.
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