Ripple, SettleMint Link Tokenized-Asset Services to Court Traditional Finance
Summary
- Ripple said it is building an integrated solution with SettleMint to support the issuance, custody and management of tokenized assets for financial institutions.
- The companies said they plan to expand tokenization adoption among traditional financial institutions, particularly in the Asia-Pacific region, by linking Ripple Custody with the Digital Asset Lifecycle Platform (DALP).
- Ripple said it is expanding investment in related companies while pushing real-world asset (RWA) tokenization on the XRP Ledger (XRPL) as a core area of its institutional business.
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Ripple is teaming up with blockchain infrastructure company SettleMint to build an integrated platform for financial institutions to issue, custody and manage tokenized assets.
CoinGape reported on September 1 that the companies will connect Ripple's institutional custody service, Ripple Custody, with SettleMint's Digital Asset Lifecycle Platform, or DALP.
The integration will let traditional financial institutions such as banks handle custody, issuance, operations and management of tokenized assets in a single environment without building separate systems. The companies are aiming in particular to broaden tokenization adoption among financial institutions in Asia-Pacific.
"Traditional financial firms want to use digital assets without operating separate custody, issuance and management systems," Fiona Murray, Ripple's Asia-Pacific managing director, said. Ripple Custody will handle asset safekeeping and management, while SettleMint will manage the full asset lifecycle, she added.
For global capital markets to move on-chain, digital-asset custody and asset management need to work like a single system, SettleMint Chief Executive Officer Adam Popat said.
Ripple has recently stepped up investment in tokenization-related companies. It is also positioning real-world asset, or RWA, tokenization on the XRP Ledger, or XRPL, as a core part of its institutional business.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.