Ripple Labs has partnered with Archax crypto exchange to boost XRP Ledger’s position in real-world asset (RWA) tokenization.
According to a press release dated June 13, 2024, Archax exchange announced the strategic collaboration of the two prominent tech companies, adding that the deal should introduce hundreds of millions of dollars worth of RWAs onto the XRP Ledger (XRPL) in the coming year and strengthen the XRPL’s position as a global leader for RWA tokenization
The release noted that the UK-regulated crypto exchange supports leading financial institutions by assisting them in tokenizing their financial Real-World Assets. Thus, thanks to the partnership, financial institutions will be able to choose the XRPL to tokenize their RWAs, opening doors for several consequent use cases for the assets.
Notably, this partnership builds on the earlier-developed collaboration established in 2022, when Archax struck a deal with Metaco, using the latter for digital asset custody services. However, Metaco was later acquired by Ripple in 2023.
Markus Infanger, Senior Vice President at RippleX, commented on the development, noting that the crypto industry is at the brink of the next significant adoption stage. He believes that in the coming years, blockchain technology will provide real utility in large-scale financial markets. The RippleX SVP also noted that Ripple is enthused that Archax’s vision aligns with Ripple’s, aiming to drive the adoption of blockchain and virtual assets technology in the mainstream market.
Furthermore, Brad Garlinghouse, the CEO of Ripple Labs, also expressed his excitement about the collaboration. The Ripple boss stated that more financial institutions are tokenizing their RWAs on Layer 1 blockchains like XRPL via regulated entities like Archax exchange. He further noted that he believes adoption will increase massively in the coming years.
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