- Ripple has partnered with Archax to launch the first tokenized money market fund on XRP Ledger.
- Ripple invested $5 million in Abrdn’s Lux Fund to expand the tokenized asset portfolio on XRPL.
As a seasoned analyst with over two decades of experience in the financial industry, I find the recent developments surrounding Ripple [XRP] to be quite intriguing and promising. While it’s true that XRP experienced a 9% price decline within the past day, it’s important not to overlook the strategic moves the company is making.
Over the last day, the price of Ripple (XRP) dropped by approximately 9%. However, Ripple’s new collaboration with Archax has been generating quite a buzz recently.
Ripple’s new investment
Ripple recently announced the debut of a new kind of tokenized money market fund, which is the first to be launched on the XRP Ledger. This pioneering move involves Abrdn’s US Dollar Liquidity Fund with a value of approximately $4.77 billion.
Previously noted, this pioneering undertaking emerged from a partnership between Ripple and Archax, which is the UK’s initial digital currency exchange, brokerage, and custody service to be regulated by the Financial Conduct Authority.
Notably, this development follows on the heels of a McKinsey report showing that tokenized money market funds have now exceeded $1 billion in assets managed.
Predictions indicate a potential surge in the overall worth of tokenized assets, possibly reaching an impressive $16 trillion by the year 2030.
XRP Ledger set to gain?
As a crypto investor, I’m excited about the recent news that Ripple is investing $5 million to buy tokens from Abrdn’s Lux Fund. This move demonstrates Ripple’s confidence in the growing demand for these digital assets and could potentially boost their value. It’s moments like these that make being a part of this dynamic crypto market so intriguing!
Remarking on the same, Duncan Moir, Senior Investment Manager at abrdn noted,
Significant advantages can be gained by transitioning the entire investment and cash settlement process onto a blockchain platform.
Adding to the fray was Markus Infanger, Senior Vice President, RippleX who remarked,
“There is no question that the on-chain economy is gaining traction.”
The story began in 2022
Starting from 2022, Archax has been employing Ripple’s digital asset safekeeping services. This change means that a larger number of investors can now safely keep their tokenized money market fund units within the XRP Ledger (XRPL), offering enhanced security for their investments.
For more than a decade now, I’ve relied on the XRPL (XRP Ledger) as a cornerstone in my research, providing the foundation for an expansive array of financial solutions. These include facilitating seamless global payments, ensuring secure digital asset storage, and even issuing stablecoins.
Graham Rodford, CEO, Archax put it best when he said,
The movement towards tokenizing real-world assets like stocks, bonds, and money market funds is picking up speed, and Archax is leading this charge.
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2024-11-26 19:35