Ripple and the Axelar Foundation partner to enhance interoperability on the XRP Ledger (XRPL) blockchain, aiming to propel the next phase of real-world asset (RWA) tokenization.
🚨 @Ripple and @Axl_Foundation are 🤝, supporting a pioneering step forward for XRP Ledger 🚨
🧵 👇 pic.twitter.com/1WPrAisMoL
— Axelar Network (@axelarnetwork) February 27, 2024
This strategic partnership will empower developers to utilize Axelar’s General Message Passing (GMP) technology.
GMP allows them to execute calls on smart contracts across over 55 blockchains.
This capability facilitates the deployment of decentralized applications (dApps) on the XRPL, fostering a more interconnected ecosystem.
See Also: Ripple CEO Brad Garlinghouse Says It “Makes Sense” To Have XRP ETF
“Real-world asset tokenization will be the driving force of the blockchain economy,” said David Schwartz, Ripple’s Chief Technology Officer and XRPL co-creator.
He envisions widespread adoption of tokenized RWAs by traditional lending platforms, enabling collateralized loans.
The XRPL, established over a decade ago, has witnessed an 8.8% increase in daily activity volume during 2023, driven by diverse transaction types, with a notable 73.7% growth in non-fungible token activity, as reported by Messari.
Axelar, a Canadian startup founded in 2020 by former Algorand team members and MIT graduates, provides an inter-blockchain communication layer.
This technology enables networks to exchange data securely without requiring intermediaries or centralized entities.
Tokenization involves converting ownership rights into digital tokens on a blockchain.
These tokens represent real-world assets like real estate, artwork, or company shares, simplifying their buying, selling, and trading processes.
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