u.today
Blockchain payments firm Ripple Labs Inc. is making big moves in Asia. It recently participated in the WebX 2024 Conference in Tokyo, Japan. The conference was organized to showcase the new advances in Web3 innovations across different industries, including payments.
Ripple and giant payment strides
Ripple's participation at the event marks another avenue for the company to display its resilience as a major contender in the payments world. Markus Infanger, Senior Vice President at RippleX, was present at the event and specifically spoke about the role and growth of tokenization in traditional finance.
The tokenization of Real-World Assets (RWA) remains the new trend in the broader blockchain world. While BlackRock and Franklin Templeton are advancing in this regard, Ripple Labs aims to catch up.
The firm recently revealed its partnership with Archax as it announced its full entry onto the tokenization scene. Thus far, the duo has not announced a mainstream product to tokenize, but Ripple executives like CTO David Schwartz have issued several takes regarding the move.
One important move the firm has recently made is tokenizing the U.S. dollar via its stablecoin RLUSD. The company reportedly recently burned 185 RLUSD on XRP Ledger, one of its key testing moves for the product.
Partnership to drive its agenda
At the WebX 2024 event, Ripple received a shoutout from Yoshitaka Kitao, CEO and Chairman of SBI Holdings. While not much was hinted at with the drop-by from Kitao, speculations are brewing that a partnership might be ahead.
SBI remains one of the company's biggest allies, and related business linkups have been registered for the past few years. The company is advancing on the premise that for it to grow as required, it needs as many industry partnerships as possible.
The next few months are crucial for Ripple, which might impact the price of XRP, which, as of writing time, was down 1.69% to $0.5627.