Leading provider of enterprise blockchain and crypto solutions, Ripple Labs Inc, has announced an expanded collaboration with Archax, the UK’s first FCA-regulated digital asset exchange. The announcement was made at the ongoing XRP Ledger APEX 2024 summit in Amsterdam.
Unlocking the Potential of Real-World Assets on the XRP Ledger
Per the announcement, the partnership aims to tokenize hundreds of millions of dollars of Real-World Assets (RWAs) on the XRP Ledger (XRPL) over the next year. Archax previously collaborated with Metaco in 2022 to offer digital asset custody services to its clients. Since Ripple acquired Metaco in mid-2023, the expanded partnership was expected to happen.
Just announced at #XRPLApex!
1/ Ripple & @ArchaxEx are expanding their partnership to bring hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRP Ledger over the next year. This move solidifies the #XRPL as a leading blockchain for RWA tokenization.⬇️
— Ripple (@Ripple) June 13, 2024
The partnership will leverage the strengths of both Ripple and Archax. Ripple’s XRPL offers a robust, efficient, and scalable blockchain platform for institutional-grade financial use cases. Archax brings its experience working with financial institutions to tokenize their assets.
Together, the partnership aims to unlock new liquidity and access for RWAs. This will open up opportunities for a broader range of investors and use cases. Further, this move will drive innovation in the financial sector, bridging the gap between traditional finance and the emerging world of digital assets.
Senior Vice President at Ripple, Markus Infanger, agrees with this. He noted that the crypto industry is positioned at the start of the next major adoption stage. Additionally, Infanger stated that “blockchain technology will deliver real utility in financial markets at scale.”
Ripple Maintains Commitment to Blockchain Innovation
On his part, the CEO of Ripple, Brad Garlinghouse, believes that the APIs being built are critical to the industry. Garlinghouse suggests that mass adoption of blockchain will result from abstracting the tech layers,
In a separate development showcasing Ripple’s commitment to blockchain innovation, RippleX, the company’s developer arm recently unveiled a new collaboration. The company announced the integration of the Ethereum Virtual Machine (EVM) into the XRP Ledger. As Crypto-Vanguard previously reported, the EVM integration will open up new opportunities in Decentralized Finance (DeFi) and RWA tokenization on the XRPL.
This significant advancement aims to enhance interoperability between the two chains. Consequently, developers can leverage the strengths of both ecosystems.
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