Archax provides access to abrdn’s money market fund
Latest news
Archax provides access to abrdn’s money market fund 25 November 2024US Reporter: Clelia Frondaroli
Image: Cheewynn/stock.adobe.com
Archax has provided access to a money market fund from abrdn, a UK asset manager, in tokenised form on the XRP Ledger (XRPL).
The fund represents the first tokenised money market fund to enter the XRPL, which the company says will help establish it as a leading blockchain for real-world asset tokenisation.
This further marks the ongoing collaboration between Archax and Ripple since 2022, as Ripple will move to allocate US$5 million in tokens on abrdn’s fund. Both companies say that the collaboration signals an important step in enhancing operational cost savings and settlement efficiencies by deploying capital markets infrastructure on the XRPL.
Duncan Moir, senior investment manager at abrdn, comments: “The next evolution of financial market infrastructure will be driven by the broader adoption of digital securities. Real benefits are to be had from leveraging the efficiency of moving the end-to-end investment and cash settlement process on-chain.”
“The arrival of abrdn’s money market fund on XRPL demonstrates how real-world assets are being tokenised to enhance operational efficiencies, while further reinforcing the XRPL as one of the leading blockchains for real-world asset tokenisation," adds Markus Infanger, senior vice president of RippleX.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Cheewynn/stock.adobe.com 