Ripple, in partnership with Archax and UK asset manager abrdn, launches the first tokenized money market fund on the XRP Ledger.
In collaboration with UK asset management ABRDN and FCA-regulated cryptocurrency exchange Archax, cryptocurrency payments company Ripple introduced its first tokenized money market fund on Monday.
The XRP Ledger (XRPL) blockchain will offer the tokenized money market fund. When the price of XRP increased by 6% today, traders reacted right away.
XRP News- Archax, Ripple Declare Abrdn Fund Tokenization
According to a news release issued by Ripple on November 25, Archax has added a UK asset manager to its tokenized fund offering.
On the XRP Ledger (XRPL), a money market fund from ABRDN is presented in tokenized form.
The fund is a component of the £3.8 billion US Liquidity Fund (Lux) fund of ABRDN.
The first tokenized money market fund listed on the XRPL is called Ripple.
This will contribute to the development of the premier blockchain for institutional decentralized finance (DeFi) and real-world asset (RWA) tokenization.
According to the business, the market for tokenized assets is expected to grow to $16 trillion by 2030. By implementing capital markets infrastructure on the XRPL, this milestone will enable cost savings and settlement efficiencies.
Giant Crypto Payments Strengthens Alliance With Archax
Ripple revealed investing $5 million in tokens in the Lux fund of ABRDN. This is a component of a bigger fund that the business will distribute to RWAs on the XRPL that are offered by various asset managers.
“The launch of ABRDN’s money market fund on XRPL further solidifies XRPL as one of the top blockchains for tokenizing real-world assets and shows how real-world assets are being tokenized to improve operational efficiencies,” stated Markus Infanger, Senior Vice President, RippleX.
Tokenized RWAs worth hundreds of millions of dollars were added to the XRP Ledger (XRPL) in June thanks to a partnership between Archax and Ripple.
According to Brad Garlinghouse, CEO of Ripple, it will contribute to the XRPL being one of the top blockchains for RWA tokenization.
State Street, Fidelity International, and Legal & General Investment Management (LGIM) funds were added to Archax’s tokenized RWA offerings last week. Initially, the XRP Ledger (XRPL), Hedera, and Arbitrum blockchains will offer these tokenized money.
Over the last day, the price of XRP has increased by 6%, and it is presently trading at $1.49. $1.31 is the 24-hour low, while $1.54 is the 24-hour high.
Additionally, there has been a minor uptick in trading volume, suggesting that traders are still interested. Almost the weekend, whales bought almost 250 million XRP futures, setting a new all-time high of $2.60 billion in open interest.
