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…

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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.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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