Modern finance institutions are increasingly open to the concept of converting financial assets into digital tokens and using public blockchains for this purpose, as the trend towards blockchain technology for asset tokenization gains momentum.
Traditional finance (TradFi) players are now transferring their financial assets onto the blockchain for use in various applications, aiming to resolve issues across multiple value chains, as stated by Markus Infanger, Senior Vice President of RippleX.
At the Paris Blockchain Week, Infanger expressed that the use of blockchain technology by TradFi (Traditional Finance) is now becoming tangible. “We’re witnessing a significant transformation for blockchain tech, transitioning from buzz to practical application. The change is underway,” Infanger emphasized.
Based on research findings, the executive shared his perspective that the potential worth of tokenized markets could reach an astonishing $16 trillion – a figure eight times larger than the current market value of all cryptocurrencies combined.
A few years ago, some executives in this industry were merely imagining this. Now, it’s becoming a reality, and it’s occurring on open-source blockchains. Initially, it seemed as though it would materialize solely through JPMorgan Coin or IBM.
Infanger revealed that he had been in talks with various financial institutions regarding potential tokenization initiatives on the XRP Ledger. These institutions have prepared distribution channels and identified specific applications for the blockchain. In November 2023, HSBC collaborated with Metaco, a Ripple subsidiary, to launch a new custody platform allowing institutional investors to securely store tokenized securities.
Infantre went on, explaining that by integrating various tools that utilize the XRP Ledger, Ripple’s operations are expanding and becoming more multifaceted.
While Ripple is primarily known for its role as a “payments company,” providing a blockchain platform to facilitate faster and cheaper transactions, recent developments have attracted the attention of both DeFi and Traditional Finance (TradFi) sectors as well.
Infanger explained, “Our company operates three key components: a custody division, a payments sector, and collaborations with the XRP Ledger. This comprehensive setup offers a valuable proposition for both traditional financial institutions and developers seeking solutions in the Decentralized Finance (DeFi) realm.”
Read More
- DEEP PREDICTION. DEEP cryptocurrency
- CRK Boss Rush guide – Best cookies for each stage of the event
- Summoners Kingdom: Goddess tier list and a reroll guide
- Ludus promo codes (April 2025)
- CXT PREDICTION. CXT cryptocurrency
- Maiden Academy tier list
- Mini Heroes Magic Throne tier list
- Castle Duels tier list – Best Legendary and Epic cards
- Best Elder Scrolls IV: Oblivion Remastered sex mods for 2025
- Kingdom Rush 5: Alliance tier list – Every hero and tower ranked
2024-04-18 19:00