In a press release on Monday, Ripple announced the launch of a tokenized money market fund on the XRP Ledger, made possible through a partnership with Archax. The fund is from UK asset manager abrdn and is the first of its kind on the XRPL.
According to Ripple, Archax – the first FCA regulated digital asset exchange, broker, and custodian – has granted access to the fund, which is a tokenized version of abrdn’s £3.8 billion US dollar Liquidity Fund (Lux).
Abrdn Senior Investment Manager Duncan Moir expressed the potential benefits of utilizing blockchain technology for investment and cash settlement processes, while RippleX Senior Vice President Markus Infanger emphasized the potential for tokenization to enhance operational efficiencies and create widespread utility.
