Ripple has partnered with crypto exchange Archax to help XRP Ledger become a pioneer in real-world assets (RWA) tokenization.
Ripple, global crypto payments and financial solutions provider, has announced a partnership with Archax, the UK’s first Financial Conduct Authority-regulated crypto exchange, broker, and custodian, at the XRP Ledger Apex 2024 summit on Thursday.
In the coming year, these crypto companies will endeavor to add hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRP Ledger.
Ripple Expands Partnership With Archax
Ripple announced in a press release on June 13 that it has further strengthened its partnership with Archax, a digital asset exchange, to position the XRP Ledger (XRPL) as the premier blockchain for the tokenization of real-world assets (RWA).
Moreover, Ripple CEO Brad Garlinghouse publicly expressed his enthusiasm for the partnership in response to the announcement.
“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 partnership with Archax will allow financial institutions to tokenize their RWAs using the XRPL, thereby generating numerous next-generation use cases for these assets.
Furthermore, the new agreement signifies the expansion of the partnership between Ripple and Archax, which was established in 2022 when Metaco began providing 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.
XRP Ledger Capabilities in Real-World Asset Tokenization
RWA Tokenization moves financial and other industries closer to adopting digital assets and incorporating blockchain into global financial infrastructure.
XRPL’s reliability and efficiency have been demonstrated to be highly beneficial in the context of RWA tokenization and institutional-grade DeFi.
Additionally, it has comprehensive features, including a Lending Protocol, Oracles, an Automated Market Maker (AMM), and a roadmap for upcoming Decentralized Identifier (DID).
Ripple also introduced the XRPL EVM Sidechain, which enables the XRP Ledger to be compatible with the Ethereum Virtual Machine (EVM).
In addition, this development opens up new opportunities for the utilization of DeFi and RWA.
The current price of XRP is $0.486, which represents a nearly 1% increase over the past 24 hours.
The 24-hour high and low are $0.4975 and $0.4812, respectively.
