XRP News: Archax Launches State Street, Fidelity, LGIM Tokenized Funds
Highlights
- Archax adds State Street, Fidelity and LGIM funds to tokenized RWA offerings.
- The tokenized funds will initially be available on XRP Ledger (XRPL), Hedera and Arbitrum blockchains.
- XRP price jumps 4% due to partnership with Ripple.
XRP News: Ripple partner Archax on Wednesday said it has added State Street, Fidelity International and Legal & General Investment Management (LGIM) funds to its tokenized RWA offerings. The tokenized funds will initially be available on XRP Ledger (XRPL), Hedera and Arbitrum blockchains. Traders reacted immediately as XRP price saw a 4% jump within hours.
XRP News: Archax Announces State Street, Fidelity, LGIM RWA Funds
Archax expanded its tokenized RWAs with State Street, Fidelity International and Legal & General Investment Management (LGIM) funds, as per an Archax Ltd blog on November 20. The company, a Ripple partner, is the first regulated RWA exchange in the UK.
The first funds to be listed on the Archax platform in tokens are State Street USD/GBP/EUR Liquidity LVNAV Funds, the Fidelity ILF USD/Sterling/Euro Funds and the LGIM Sterling/USD/Euro Liquidity Funds. Initially, the beneficial ownership tokens will be launched on Hedera Hashgraph, XRPL and Arbitrum.
“Tokenised real-world assets, and in particular funds, are really gaining momentum,” said Archax CEO Graham Rodford. “The industry sees the path to additional distribution and liquidity that tokenisation brings, as well as the new innovative use cases like collateral transfer.”
Ripple partner added that these money-market funds (MMFs) tokens represents the holdings of clients in such funds. Here’s the list of top RWA crypto projects in 2024.
XRP Price Jumps 4%
In response to the major Archax news, XRP price jumped 4% in a few hours. The price is currently trading at $1.14, with a 24-hour low and high of $1.06 and $1.14, respectively.
In June, Ripple and Archax partnered to bring hundreds of millions of dollars of tokenized real world assets (RWAs) onto the XRP Ledger (XRPL). Ripple CEO Brad Garlinghouse said it will help establish the XRPL as one of the leading blockchains for RWA tokenization. “I only expect this to grow exponentially in the future,” he added as financial institutions are actively tokenizing their RWAs on XRPL and other Layer-1 blockchains.
Meanwhile, HBAR and ARB tokens did not witnessed significant price gains after the announcement. HBAR price fell 12% to $0.1264 today and ARB price dropped 2% to $0.693.
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges Amid Scam Allegations
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
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.
