Ripple announces tokenized money market fund launching on XRP Ledger

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The Block2024/11/25 21:23

By:RT Watson

Ripple said a tokenized money market fund has launched on the XRP Ledger.The launch was made possible through a partnership with Archax, an FCA-regulated digital asset exchange.

Ripple announces tokenized money market fund launching on XRP Ledger image 0

Ripple said Monday that a tokenized money market fund has launched on the XRP Ledger. The launch was made possible through a partnership with Archax, Ripple said in a press release .

"Archax, the first FCA regulated digital asset exchange, broker and custodian, has provided access to a money market fund from UK asset manager abrdn in tokenized form on the XRP Ledger," according to the statement.

"The fund comprises part of abrdn’s £3.8 billion US dollar Liquidity Fund (Lux) fund and represents the first tokenized money market fund on the XRPL," Ripple added.

Abrdn Senior Investment Manager Duncan Moir said "real benefits are to be had from leveraging the efficiency of moving the end-to-end investment and cash settlement process on-chain.

RippleX Senior Vice President Markus Infanger added that tokenizing real-world assets will improve operational efficiencies and "deliver utility at scale."

The total value of tokenized assets could reach $16 trillion by 2030, according to some estimates, said Ripple.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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