CandleFocus Ripple partners with Archax to debut first tokenized money market fund on XRPL
2024-11-25
Author: Content Editor
Ripple has partnered with Archax, a UK-regulated digital asset exchange, to launch a tokenized money market fund on the XRP Ledger (XRPL) blockchain. The fund is being developed in collaboration with UK asset manager abrdn and is part of their £3.8 billion Liquidity Fund (Lux). This is the first tokenized money market fund on XRPL and aims to enhance operational efficiencies and cost savings in capital markets. Ripple will invest $5 million into tokens on abrdn's Lux fund as part of a larger allocation to real-world assets on the XRPL. Tokenized money market funds have exceeded $1 billion in assets under management and are projected to reach $16 trillion by 2030. The partnership between Archax and Ripple will facilitate the efficient transfer and trading of tokenized real-world assets. Archax has been using Ripple's digital assets custody solutions since 2022.
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