Ripple collaborates with UK exchange Archax… Introduces abrdn MMF to XRP Ledger

Bloomingbit Newsroom

Summary

Ripple (XRP) announced a collaboration with UK exchange Archax to introduce XRP Ledger with abrdn MMF.
The introduced MMF is approximately 3.8 billion dollars in size, and Ripple stated that through this, XRP Ledger will make its first step into the real-world asset tokenization and DeFi sector.
Markus Infanger of Ripple stated that this introduction is part of the RWA tokenization process for operational efficiency.

Ripple (XRP) announced on the 26th that it has introduced abrdn's money market fund (MMF) to the XRP Ledger through a collaboration with the UK digital asset exchange Archax. The MMF, which is part of abrdn's liquidity fund (Lux) with a size of approximately 3.8 billion dollars (about 5 trillion 300 billion won), is the first MMF introduced to the XRP Ledger. Through this, Ripple aims to make its XRP Ledger a hub for real-world asset (RWA) tokenization and decentralized finance (DeFi). Initially, Ripple plans to allocate 500 million dollars (approximately 70 billion won) to abrdn's Lux fund as tokens. Markus Infanger, Vice President of RippleX, stated, “The introduction of abrdn's MMF to the XRP Ledger shows the process of RWA tokenization for operational efficiency. Through collaboration with Archax, financial institutions like abrdn can utilize blockchain and digital asset technology effectively.”

XRP