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Ripple and Archax to Bring Tokenized RWA Worth Millions to XRP Ledger
XRP News: Ripple, global crypto payments and financial solutions firm, has partnered with Archax, the United Kingdom’s first Financial Conduct Authority-regulated crypto exchange, broker, and custodian, as per an official announcement at the XRP Ledger Apex 2024 summit on Thursday. These crypto companies will work towards bringing 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 press release on June 13, Ripple said it has expanded collaboration with Archax digital asset exchange to establish XRP Ledger (XRPL) as the leading blockchain for real-world assets (RWA) tokenization.
Ripple CEO Brad Garlinghouse reacted to the announcement and shared his excitement about the partnership. “I only expect this to grow exponentially in the future,” he added as financial institutions are actively tokenizing their RWAs on XRPL and other Layer-1 blockchains.
The collaboration with Archax will enable financial institutions to use the XRPL to tokenize their RWAs, creating opportunities for multiple next-generation use cases for these assets.
The new agreement represents the expansion of Ripple and Archax’s partnership established in 2022 when Metaco started offering digital asset custody services to Archax’s clients.
“Ripple is excited to see Archax’s vision of driving the adoption of blockchain and digital assets technology amongst financial institutions come to life, while further underlining the credentials of the XRPL as one of the leading blockchains for RWA tokenization,” said Markus Infanger, SVP of RippleX.
Also Read: Ripple Brings Ethereum Virtual Machine (EVM) Capability On XRPL
XRP Ledger Capabilities in Real-World Asset Tokenization
RWA Tokenization brings financial and other industries closer to digital asset adoption and expanding use of blockchain in global financial infrastructure.
XRPL has a strong utility in RWA tokenization and institutional-grade DeFi due to its proven reliability and efficiency. Moreover, it has comprehensive features such as an Automated Market Maker (AMM) and a roadmap for upcoming Decentralized Identifier (DID), Multi-Purpose Tokens (MPT) capability, a Lending Protocol, and Oracles.
Ripple also unveiled the XRPL EVM Sidechain to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, opening doors to new possibilities in DeFi and RWA utilization.
XRP price currently trades at $0.486, up nearly 1% in the last 24 hours. The 24-hour high and low are $0.4975 and $0.4812, respectively.
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