ChainCatcher news, the UK crypto trading platform Archax has provided access to a money market fund of the UK asset management company abrdn in a tokenized form on the decentralized blockchain XRP Ledger (XRPL). This fund is part of abrdn's £3.8 billion liquidity fund and is the first tokenized money market fund on the XRPL.

ChainCatcher news, asset management company abrdn has partnered with cryptocurrency exchange Archax to focus on tokenizing traditional financial (TradFi) assets, aiming to gain a leading position in this emerging field. They plan to develop a regulatory environment for the tokenization and trading of various assets. This initiative marks the convergence of traditional finance and blockchain technology, which could fundamentally change the way assets are handled and traded.Early next year, Archax will launch trading pairs for the abrdn money market fund (MMF) token and Bitcoin (BTC). In other words, users will be able to exchange Bitcoin for USD MMF tokens instead of converting BTC to USD or USDC. The obvious next step (though the company has not publicly discussed this so far) is to use MMF ownership tokens as collateral.

ChainCatcher news, the UK crypto trading platform Archax has completed a $28.5 million Series A funding round, led by Abrdn, with participation from Bitrock Capital, Blockchain Coinvestors, and the Tezos Foundation. Archax is the only digital asset trading platform in the UK licensed by the Financial Conduct Authority, allowing institutional investors to custody and trade various digital assets as well as traditional securities. (source link)

ChainCatcher news, according to TheBlock, British investment giant Abrdn, managing $579 billion in assets, will join the Hedera Governing Council as the 27th member operating the Hedera enterprise blockchain, aiming to advance the tokenization of traditional assets. Like all other council members, Abrdn will operate a Hedera network node.It is reported that Hedera is a fast, secure, and fair public ledger network using hashgraph consensus. Its governing council members include Google, IBM, Boeing, and Deutsche Telekom, aimed at promoting the application of the distributed public ledger platform Hedera Hashgraph network in DeFi, NFTs, central bank digital currencies, gaming, and other industries. (Source link)