Ripple Enters Partnership with Silicon Valley Firm to Begin Multi-Asset Tokenization on XRPL

Ripple developmental arm (RippleX) has entered a partnership with Zoniqx, a tokenization firm based in Silicon Valley. The goal of this partnership is to build on the tokenization of real-world assets by introducing multi-asset tokenization to the XRP Ledger.

This development was disclosed by Ripple in a press release. According to the document, the goal is to make the XRPL more efficient and accessible to investors in the digital asset market.

Zoniqx Partners Ripple to Improve The XRPL

Zoniqx is working with Ripple to integrate two tokenization solutions in the XRPL framework.

Today, @zoniqxinc and Ripple are partnering to bring multi-asset tokenization onto the #XRPLedger.

This partnership aims to revolutionize asset tokenization on the #XRPL, making it more efficient, accessible, and liquid in the digital asset market.https://t.co/OHyAMUOXA6

- RippleX @ #ETHDenver2024 (@RippleXDev) February 26, 2024

The two solutions are Tokenization Platform as a Service (TPaaS) and Tokenization Life Cycle Management (TALM).These solutions would help to transform the XRP Ledger and make it more suitable to support the tokenization of real-world assets (RWAs).

Also, this partnership will boost the efficiency and accessibility of real-world asset tokenization on the XRP Ledger.In the press release, Ripple stated that the XRP Ledger is the perfect framework to operate these tokenized solutions.

This is due to XRPL's ability to process transactions fast and at a low cost.

As a result, XRP, the native asset of the XRPL, will be used alongside other issued tokens to boost liquidity.Notably, the process relies on Zoniqx's platform and complies with legal standards such as the DyCIST standard.

With this standard, users can easily convert their digital assets to cash or fiat currency.

Further, XRPL ensures strict compliance with regulations and enhances accessibility.As a result, token issuers can integrate with the XRPL in a seamless process. Also, users can then create accounts, verify them, and trade with ease.

Reacting to the development, the CEO and Founder of Zoniqx, Prasanth Kalangi, stated that:

joining forces with Ripple is a testament to our commitment to setting new standards in the digital asset space.

Our combined efforts will ensure the tokenization of assets is not only dynamic and compliant but also accessible to everyone, everywhere."

Also, SVP of Ripple Markus Infanger, reacting to the partnership, said:

Zoniqx's integration with the XRPL marks a significant milestone in the journey to enable the Internet of Value.

By integrating XRPL's fast, cost-efficient blockchain technology with Zoniqx's pioneering tokenization services, the XRPL is poised to showcase unparalleled efficiency and scalability to the world of asset tokenization.

Ripple's CTO Supports Real World Asset Tokenization on The XRPL

Ripple CTO David Schwartz had hinted at the prospects of real-world asset tokenization on the XRPL in 2023.According to Schwartz in an interview in October 2023, tokenization on the XRPL will begin in a year and a half in the real world.

#Ripple #DavidSchwartz - "Tokenization on #XRPL shall start in year and half in real world" Hear the claps (Video in the thread)
What does that mean for #XRP?
1/2 pic.twitter.com/6X3MmPrQ1O

- Flip The Chain (@flipthechain) October 13, 2023

Also, Schwartz stated that XRPL will hopefully become the go-to RWA tokenization platform, improving its utility and value. So, the partnership with Zoniqx is a progressive step to achieving real-world tokenization on the XRP ledger.

Notably, the tokenization of real-world assets enables fractional ownership and boosts liquidity.

Additionally, tokenization makes assets easily transferrable and accessible to investors. Finextra Research states real-world asset tokenization could rise to a $10 trillion valuation in a bull market scenario.

So, XRPL is well-positioned by this partnership to lead the adoption and application of real-world assets by investors.

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