Archax Launches State Street, Fidelity, LGIM Tokenized Funds

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.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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