Breaking: Ripple Joins Hong Kong’s Initial e-HKD Pilot Programme
Ripple News: The Hong Kong Monetary Authority (HKMA) on Thursday announced the launch of the e-HKD Pilot Programme. It mentioned that a total of 16 firms were selected from the financial, payment and technology sectors. However, Ripple Labs turned out to be one of the firms chosen to showcase the real estate asset tokenization solution.
Also Read: Ripple Secures Another Win Against US SEC; Hinman Docs To Go Public
Ripple To Partner With Fubon Bank
As per the release, HKMA’s pilot Central Bank Digital Currency (CBDC) programme will look to explore crucial uses involving the settlement of Web3 transactions, tokenized assets, and tokenized deposits. The authority will utilize its three rail approach in order to roll out the e-HKD.
Ripple is reportedly partnering with one of the biggest Taiwan based commercial banks, Fubon Bank to exhibit its use case under the pilot project. It added that the blockchain firm will focus on real estate asset tokenization and equity release leveraging.
According to Ripple, real world asset tokenization is predicted to be a multi trillion dollar market by 2030. However, tokenizing such commodities is also gaining traction among the financial services and government sectors. Read More Ripple News Here…
Also Read: Pepe Craze Enters NFT; Bitcoin Frogs Takes Top Spot
It added that Ripple’s combined solution for e-HKD, tokenized real estate, and lending protocols will run on a secure ledger as same as XRP Ledger (XRPL)
This development comes in when the blockchain firm is facing a long running legal battle against U.S. Securities and Exchange Commission (SEC) which focus on the characterisation of its native token, XRP.
The recent court rulings turned out to be positive for Ripple and other defendants in the XRP lawsuit. However, both parties are still waiting for a summary judgment.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
