2024

Hedera

Read

Zero

Archax announced that it was expanding its tokenized RWA offerings to include industry leaders State Street, Fidelity, and LGIM money-market funds. The tokenized funds will be offered through beneficial ownership tokens that Archax will mint and offer. The UK-based digital asset platform hinted that they were likely to expand and include more fund offerings in the near future.&nbsp; 
The FCA-regulated firm said providing digital representations of MMFs was becoming a popular use case for tokenization and blockchain technology. Archax claimed that it opened up historically inaccessible yield-bearing products such as stablecoin holders or FinTechs holding cash reserves.&nbsp; 
<h3 id="span-style-font-weight-400-archax-partners-with-industry-giants-to-tokenize-mmfs-for-greater-accessibility-span">Archax partners with industry giants to tokenize MMfs for greater accessibility</h3> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Excited to announce the addition of <a href="https://twitter.com/StateStreetGA?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@StateStreetGA</a>, <a href="https://twitter.com/Fidelity_UK?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Fidelity_UK</a> and <a href="https://twitter.com/LGIM?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@LGIM</a> to the range of funds available on our tokenised <a href="https://twitter.com/hashtag/realworldasset?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#realworldasset</a> platform. 
 The tokenised funds will initially be available on <a href="https://twitter.com/hedera?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@hedera</a> , <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Ripple</a> and <a href="https://twitter.com/arbitrum?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@arbitrum</a>. 
 Read more here: <a href="https://t.co/urIvWGZYBJ" rel="nofollow" target="_blank">https://t.co/urIvWGZYBJ</a> <a href="https://t.co/aXwMNRW1l4" rel="nofollow" target="_blank">pic.twitter.com/aXwMNRW1l4</a> 
 — Archax (@ArchaxEx) <a href="https://twitter.com/ArchaxEx/status/1859168641628942644?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 20, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The UK-based digital asset platform announced a significant expansion of its real-world asset (RWA) offerings. Archax integrated investment products from industry giants State Street Global Advisors, Fidelity International, and Legal &amp; General Investment Management (LGIM).&nbsp; 
The platform said the partnership aimed at democratizing finance and providing accessible investment opportunities to a wider range of investors. Archax emphasized that it would initially focus on tokenizing MMFs from the three major asset managers. It would then use this innovative approach to unlock new opportunities for individual and institutional investors.&nbsp; 
<blockquote>
 “We are really pleased to be expanding our offerings by working with blue-chip industry leaders and are excited to be adding the State Street Global Advisors, Fidelity International and LGIM names to our growing list of partners.” 
 – Graham Rodford
</blockquote> 
Archax revealed that the State Street USD/GBP/EUR Liquidity LVNAV Funds, the Fidelity ILF USD/Sterling/Euro Funds, and the LGIM USD/Sterling/Euro Liquidity Funds will be available as tradable tokens first on Hedera Hashgraph, XRPL, and Arbitrum.&nbsp; 
<h3 id="span-style-font-weight-400-xrp-surges-3-6-hours-after-archax-s-news-goes-public-span">XRP surges 3.6% hours after Archax’s news goes public</h3> 
Coingecko’s data revealed that the three tokens, XRP (Ripple), HBAR (Hedera), and ARB (Arbitrum), reacted differently after Archax’s announcement. XRP, which had dropped 0.9% until the announcement, surged 3.64% hours after the announcement that the tokenized funds would be available through the XRP ledger.&nbsp; 
As per Ripple’s statement in June, it was the second time this year that Ripple and Archax were&nbsp;<a href="https://ripple.com/ripple-press/ripple-collaborates-with-archax-to-bring-hundreds-of-millions-of-dollars-of/" target="_blank" rel="noopener nofollow">extending</a> their existing partnership that began in 2022.&nbsp; 
Independent crypto analyst, Casi, used daily RSI to show XRP’s higher highs with no divergence, indicating strong momentum. Her analysis, however, also showed bearish divergence on smaller time frames, suggesting a short-term correction before the next ‘leg up.’ She pointed out that this current development had not affected her prediction of $8 – $13 XRP prices in the near future. Casi believes that XRP was ‘priming for something big. 
ARB, on the other hand, was on an uptrend, rising by 0.98% until the announcement and then further by 2.27% after Archax mentioned that the initial tokens would be offered through Arbitrum. 
The HBAR token had a similar trend to the XRP, dipping 9.1% until Archax announced that it would offer the tokenized funds through the Hedera public ledger. It then went up 3.1% to $0.1279 before dropping to settle at $0.1261.&nbsp;&nbsp; 
Land a High-Paying Web3 Job in 90 Days: <a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-2" target="_blank">The Ultimate Roadmap</a>

Archax leverages blockchain to offer tokenized funds from State Street, Fidelity, and LGIM

Table of Contents

Cryptopolitan_News

Other articles published on Nov 21, 2024

A Singaporean man’s alleged US$230 million crypto theft

Altcoins Are Ready to Outperform Ethereum in 2024!

Ethereum Foundation (EF) Releases 2024 Annual Report: A Look at its Financial Growth

US Spot Bitcoin ETFs Surpass $100B as Bitcoin Nears $100K

Will SEI, Chainlink, and Optimism Surge Soon?

Gary Gensler Leaves the SEC as Trump Returns

Join our free newsletter for daily crypto updates!