XRP News: Archax Launches State Street, Fidelity, LGIM Tokenized Funds

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News Update: Yesterday, Ripple‘s partner Archax announced the inclusion of State Street, Fidelity International, and Legal & General Investment Management (LGIM) funds in their tokenized RWA offerings. These tokenized funds can be found initially on the XRP Ledger (XRPL), Hedera, and Arbitrum blockchains. The swift response from traders led to a 4% increase in XRP’s price within hours.

XRP News: Archax Announces State Street, Fidelity, LGIM RWA Funds

According to a blog post from Archax Ltd on November 20th, Archax has broadened its collection of tokenized Real-World Assets (RWAs) by collaborating with funds from State Street, Fidelity International, and Legal & General Investment Management (LGIM). Notably, Archax is the UK’s first regulated RWA exchange, and it partners with Ripple.

On the Archax platform, State Street’s Liquidity LVNAV Funds in USD, GBP, and EUR, Fidelity’s ILF Funds in USD, Sterling, and Euro, and LGIM’s Sterling, USD, and Euro Liquidity Funds will initially be listed as tokens. These beneficial ownership tokens are planned for launch on the Hedera Hashgraph, XRPL (XRP Ledger), and Arbitrum networks.

According to Archax CEO Graham Rodford, “the tokenization of real-world assets, particularly funds, is experiencing significant growth.” He noted that the financial sector recognizes the benefits of tokenization, such as expanded distribution and liquidity, and also sees new possibilities for innovation, such as facilitating collateral transfers.

A representative from Ripple stated that these MMFs tokens are a reflection of the assets held by clients within those funds. Here’s a list of the leading cryptocurrency projects with the highest Resource Allocation (RWA) ratings in 2024.

XRP Price Jumps 4%

Due to the breaking Archax announcement, the value of XRP surged by 4% within just hours. At present, it’s being exchanged at approximately $1.14. Over the past 24 hours, its lowest and highest prices were recorded as $1.06 and $1.14 respectively.

In June, Ripple joined forces with Archax to move hundreds of millions of dollars worth of real-world assets represented by tokens onto the XRP Ledger (XRPL). The CEO of Ripple, Brad Garlinghouse, stated that this collaboration would contribute significantly to positioning XRPL as a major player in the field of Real-World Asset (RWA) tokenization. He further predicted that this trend will escalate rapidly in the future, as financial institutions are increasingly using the XRPL and other Layer-1 blockchains for RWA tokenization.

Following the announcement, there were no substantial increases in the prices of HBAR and ARB tokens. Instead, HBAR saw a decline of 12% to reach $0.1264 today, while ARB dropped by 2%, settling at $0.693.

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2024-11-20 15:55