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RIPPLE AND ARCHAX COLLABORATE TO LAUNCH $100M+ IN TOKENIZED ASSETS ON XRPL
▪️Ripple has renewed a 2022 partnership with Archax as part of the plans to attract millions of dollars to XRPL by next year.
▪️Archax has also announced its acquisition of Spanish broker King & Shaxson Capital Markets (KSCM).
Ripple (XRP) has announced an extension of its earlier partnership with the UK’s regulated custodian Archax to drive hundreds of millions of dollars of tokenized Real World Assets (RWA) to the XRP Ledger (XRPL). According to the report, this would also establish the XRPL as one of the leading blockchains for RWA.
In 2022, Ripple and Archax established their first partnership when Archax joined hands with Metaco to provide digital asset custody services to clients. Meanwhile, both parties admit that their compliance goal aligns with each other since they work hand in hand with policymakers and regulators across the globe to bring crypto and blockchain to the doorsteps of financial institutions.
Commenting on this groundbreaking partnership, CEO of Archax Graham Rodford disclosed that the company is excited to adopt the technology by bringing its assets to the XRPL.
We have hit the tipping point for mainstream adoption of digital assets for real-world use cases.
There is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets, and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments, and money market funds.
The XRPL, which is reported to have a strong foundation in RWA tokenization and institutional grade DeFi, has recorded more than 1,000 projects in the last decade. On top of that, it has successfully processed more than 2.8 billion transactions without disruption, supporting more than five million wallets within the process with over 120 validators.
Markus of RippleX Comments and Archax Recent Acquisition
According to Markus Infanger, SVP, RippleX, its collaboration with Archax could enhance the realization of its vision and support the UK-regulated firm to drive the adoption of blockchain.
Our industry is at the start of the next major adoption stage in which blockchain technology will deliver real utility in financial markets at scale.
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.
Archax recently announced the acquisition of Spanish broker King & Shaxson Capital Markets (KSCM) as part of the effort to expand its operations across Europe.
Archax recently signed with Ripple, “to bring 100m’s of $ of tokenized RWA onto the XRPL over the coming year”. Since then, they have acquired a Spanish broker, KSCM, and partnered with Assetera for fund cross-listings. WrathofKahneman, November 4, 2024
Initially, Archax was focusing on providing a digital securities marketplace but later expanded into crypto exchanges. Meanwhile, its latest accounting filing shows that it had 58 institutional clients as of the end of 2023. Its Asset Under Custody within the period was $112 million, with almost $100 million in OTC trading volumes.
Its recent expansion was highlighted by Rodford in a statement:
The Archax strategy has always been to expand its regulatory footprint globally, with the EU region being of prime importance for us, post-Brexit. This acquisition expands and enhances our access to permissions within the EU region, building on those we hold with the FCA in the UK.
@ Newshounds News™
Source: Crypto News Flash
Read more: XRPLCommunity
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JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS
JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.
As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.
The new name combines the concepts of “kinetic” and “connection”, to reflect the worldwide movement of money, assets and financial information using the efficiencies of DLT.
The highest profile Onyx solution is the blockchain based bank account system, JPM Coin Systems, which enables corporates to move money between JP Morgan accounts in different countries, in real time and 24/7. That is now rebranded to Kinexys Digital Payments. Brevan Howard Digital Assets is a new client of the solution.
Onyx Digital Assets, now Kinexys Digital Assets, is an umbrella for multiple solutions that include intraday repo, tokenized collateral and bond issuance. Singapore’s OCBC is the latest bank to start using the repo solution.
Onyx’s first product was Liink, the blockchain based payments messaging network that enables sharing of data about conventional payments to reduce delays because of compliance of other queries. It is renamed to Kinexys Liink.
One of the most logical moves is the rebranding of the slightly awkward sounding Blockchain Launch to Kinexys Labs.
In other news, the unit is planning to support foreign exchange as part of Kinexys Digital Payments. JP Morgan was previously involved in DeFi-style FX trials using automated market makers as part of one of the first Singapore Project Guardian tests.
Additionally, Kinexys Digital Assets and Kinexys Labs is running a proof of concept for on-chain privacy, identity and composability.
Why rebrand?
The bank is spinning the rebrand as a positive step, as one would expect. However, the trigger is likely trademark issues. Given Onyx is a generic word, it would encounter potential challenges. A company that was already using the name might have objected to trademark applications or even alleged infringement.
Last June the bank applied for trademarks for Onyx Digital Payments and Onyx Digital Assets.
The records show the U.S. Patent and Trademark Office (USPTO) examiner sent initial refusals for the trademarks on various grounds, including partial overlaps with existing trademarks for similar use cases and other applications that pre-dated these applications.
Given JP Morgan’s lawyers didn’t respond, the applications were treated as abandoned.
There’s also an OnyxCoin, as in a cryptocurrency, something the bank would likely not want to be confused with.
@ Newshounds News™
Source: Ledger Insights
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