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The HKMA (Hong Kong Monetary Authority) introduced the e-HKD Pilot Programme on Thursday (18 May). It confirmed that it selected 16 companies from the technology, payment, and financial industries. Meanwhile, Ripple Labs was among the firms selected to showcase real estate asset tokenization solutions.
#RIPPLE on 🔥!
Ripple will be participating in Hong Kong's CBDC pilot program and showing real estate asset tokenization!
The latter is a brilliant use case. #altcoins
— Lavanya Saraf (@_lavanya__) May 18, 2023
Ripple to join forces with Fubon Bank
The announcement indicated that HKMA’s CBDC (Central Bank Digital Currency) pilot programme aims to highlight critical problems related to tokenized deposits, tokenized assets, and web3 transactions. Meanwhile, the administration will use the 3-rail strategy to launch the e-HKD.
Reports added that Ripple would partner with Fubon Banks, one of the leading commercial banks based in Taiwan. Also, the blockchain company will concentrate on equity release leveraging and real estate asset tokenization.
7/ #Ripple is about to take over the real estate world too!
They're collaborating with Taiwan's Fubon Bank for real estate asset tokenization and equity distribution! 🏢
— Keyur Rohit (@CryptoKingKeyur) May 18, 2023
Meanwhile, Ripple believes real-world asset tokenization will be a trillion-dollar industry come 2030. Furthermore, government sectors and financial services have also shown an appetite for tokenization of such commodities.
Also, the report confirmed that Ripple’s solution for lending protocols, tokenized real estate, and e-HKD would operate on a safe ledge, similar to XRPL (XRP Ledger).
The development comes as the crypto company faces its “unending” battle with the United States Securities & Exchange Commission. The lawsuit focuses on characterizing the firm’s native coin, XRP. The regulator believes XRP is a security.
The latest judge ruling was optimistic for Ripple, XRP, and other defendants. Nonetheless, the Ripple vs. SEC battle awaits summary judgment.
XRP price has witnessed positive cues lately. The alternative token started soaring following the latest Ripple win against SEC. While publishing this article, XRP traded at $0.4641, surging 4.66% over the past day. The asset’s impressive moves attract crypto community attention – a recipe for more upsides in the upcoming sessions.
Source – Invezz.com
The post Just in: Ripple joins Hong Kong’s e-HKD Pilot Programme to showcase Real Estate Asset tokenization solution appeared first on Invezz.
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