Ripple has announced an expanded partnership with Archax, the UK’s first Financial Conduct Authority-regulated digital asset exchange. This collaboration aims to bring hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRP Ledger (XRPL). The announcement, made during the XRP Ledger Apex 2024 summit, highlights the combined efforts of Ripple and Archax to leverage blockchain technology in financial sectors.
Ripple’s CEO, Brad Garlinghouse, expressed excitement about the potential for growth in tokenization projects on the XRPL. He noted that financial institutions are increasingly adopting this technology to enhance asset management versatility and efficiency. The partnership, initially started in 2022, focuses on utilizing XRPL for tokenizing a wide range of RWAs, creating new investment and asset management opportunities in the financial industry.
Markus Infanger, Ripple’s Senior Vice President of RippleX, emphasized XRPL’s capabilities as a leading blockchain for tokenizing real-world assets. Archax’s CEO, Graham Rodford, called this milestone significant for the mainstream adoption of blockchain solutions, affirming Archax’s dedication to promoting digital assets technology among financial institutions.
Both Ripple and Archax are committed to a compliance-first approach, working closely with regulators to ensure their innovations meet current financial regulations. This engagement is crucial for creating a stable and legally compliant environment for introducing RWAs into the blockchain ecosystem. The partnership showcases the potential of regulated digital asset exchanges to transform financial services.
Additionally, Ripple introduced the XRPL EVM Sidechain, enhancing XRPL’s compatibility with the Ethereum Virtual Machine (EVM) and opening new possibilities for decentralized finance (DeFi) and RWA utilization. Following the announcement, XRP’s price saw a modest increase, reflecting positive market response.
Source: coinfomania.com
