FinNexus To Use XRP Ledger For Tokenized Asset Issuance

News / 18.01.2020

FinNexus has announced plans to take advantage of the XRP Ledger [XRPL]. This was revealed recently in a blog post released yesterday. This development is a new milestone for XRPL.

FinNexus is an open finance hub and has come up with a roadmap for this year. The intention of the finance hub is to use XRP Ledger for the tokenization of assets in terms of protocol development.

As in the roadmap, the finance hub noted that the possibility of turning to some networks for the creation of a PCAP with the capability of connecting various digital currencies that include Ripple and XRP. It says they will attempt to utilize interledger for the creation of a payment channel for FNX.

The hub is planning to connect a minimum of two public chains by 2020. FinNexus said it will use Wanchain for BIP while XRP will be used to tokenize asset issuance. According to the official press release, XRP Ledger will be utilized in issuing tokenized assets capable of being exchanged by stable coins on XRP. Likewise, it continued that such a function would become part of Assets Producing Protocol and Assets Trading Protocol.

Besides FinNexus, CoinField (a cryptocurrency exchange) announced its usage of XRPL recently. CoinField is based in Canada  and it introduced its project known as Sologenic some days ago. The project is powered by the XRP Ledger and is aimed at providing a trade-off on on-demand tokenized assets, as well as ETFs and stocks.

Another platform that is not so popular, known as ‘xchange’ likewise claimed its development of a “decentralized censorship-resistant social network” on XRPL’s open-source platform. Xchange is yet to release the beta version of the social network.

Moreover, the 1.4.0 version of XRP ledger was announced earlier this week. XRP Ledger is backed by Ripple through its Xpring initiative.

Source: Cryptopress.

 

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.