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HomeCrypto NewsMarketRipple Partners with Silicon Valley Firm to Introduce Multi-Asset Tokenization on XRPL

Ripple Partners with Silicon Valley Firm to Introduce Multi-Asset Tokenization on XRPL

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RippleX, the development arm of Ripple, has inked a partnership with Zoniqx, a tokenization firm headquartered in Silicon Valley, to introduce multi-asset tokenization on the XRP Ledger (XRPL).

Ripple disclosed the pivotal development in a recent press release, further calling the public’s attention to it last night. According to the press release, the collaboration will see an integration of the XRPL infrastructure with two robust tokenization solutions from Zoniqx.

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These tokenization solutions, namely Tokenization Platform as a Service (TPaaS) and Tokenization Life Cycle Management (TALM), would help transform the XRP Ledger into a suitable environment for tokenization of real-world assets (RWA).

According to the press release, the goal of the collaboration is to enhance the efficiency and accessibility of real-world asset tokenization on the XRPL, utilizing XRP, its native asset, as well as issued tokens for on-chain representation, thereby fostering greater efficiency and liquidity.

Ripple emphasized that the XRP Ledger presents the perfect infrastructure for these tokenization solutions, given its facilitation of low-cost, fast and efficient transactions.

Essentially, the partnership simplifies the transformation of real-world assets into digital ones on the XRPL. The process will use Zoniqx’s platform, which adheres to legal standards through the DyCIST standard, offering a straightforward path to cash options. 

For token issuers, integrating with the XRPL is seamless, allowing them to give users an opportunity to create accounts, undergo verification, and trade effortlessly. This ensures compliance to regulations and also enhances accessibility and liquidity in the XRPL-based digital asset market.

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Ripple Aims to Introduce Tokenization on the XRPL

Notably, the tokenization of real-world assets helps to enable fractional ownership, increased liquidity, and easier transferability for the assets. These benefits contribute to broader investment opportunities for investors interested in the assets.

As a result of the immense benefits of tokenizing real-world assets, the industry has garnered significant attention in recent times, poised to hit the $16 trillion mark by 2030. One of the companies showing increased interest in tokenization of late is Ripple.

As a contributing builder on the XRP Ledger, Ripple is looking to leverage the blockchain network for its tokenization endeavors. The latest partnership with Zoniqx is one of the biggest steps toward achieving this goal. 

Last year, Ripple’s CTO David Schwartz stressed his excitement about RWA tokenization. He emphasized that Ripple looks to leverage the XRPL to pursue the tokenization industry alongside financial giants such as JP Morgan and Bank of America (BoA). 

Schwartz had also noted that he longs to see the XRPL become the go-to platform for RWA tokenization. In July 2023, Ripple’s CBDC Advisor Antony Welfare disclosed plans from the company to transform the real estate industry with the use of tokenization.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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