- VeChain, Ripple, and IOTA make efforts to take the lead in the Real World Asset tokenization market as Ripple partners with Axelar.
- VeChain doubled down on its activities to accelerate growth in all areas as it seals a partnership that would make VET a medium of exchange on Oobit.
VeChain forces Ripple and IOTA into fierce competition as it makes an incredible mark in the world of Real-World Assets (RWA) with its supply chain solution. Having made a mark as a go-to platform for asset tokenization, the VeChain ecosystem, hosted on the VeChainThor blockchain, has transformed the industry with the provision of fast transactions to real-world activities. Interestingly, it is expected to dominate the market with HSBC and Northern Trust estimating that 5-10% of all assets would be tokenized by 2030.
Ripple’s Effort in Leading the RWA Industry
Ripple also chases after dominance with its recent integration with Axelar reported by Crypto News Flash. Drawing insight from that report, three other blockchains – Chainlink, and IOTA, currently remain another dominant force in the trillion-dollar market as they seek to attract a chunk of the market share. Ripple’s partnership would seamlessly deploy cross-chain decentralized applications on the XRP Ledger (XRPL) via Axelar’s General Message Passing (GMP). In the long run, RWA tokenization adoption would be accelerated on the XRPL.
A recent report by the Chief Technology Officer at Ripple David Schwartz discloses that real estate and commodities would be the backbone of tokenization in the future.
Real World Asset (RWA) tokenization will drive the blockchain economy, led by real estate and commodities. Tokenized RWAs on XRP Ledger will enhance collateralized loans, improve interoperability, and attract institutional adoption, reshaping the financial sector. #XRPL will be a leading blockchain enabling these use cases.
VeChain Accelerates Growth with More Collaborations
VeChain’s recent activities focus on all sectors of its ecosystem as it just sealed a partnership agreement with a leading mobile payment app Oobit to integrate VET into its platform. This was earlier reported by Crypto News Flash. According to the report, the plan is to enable users to utilize it for their day-to-day transactions while fulfilling its ESG mission. VeChain’s CEO, Sunny Lu commented on the partnership.
VeChain is excited to partner with Oobit, merging our commitment to ESG initiatives with Oobit’s innovative approach. The integration of VET into Oobit’s platform is not just a technological enhancement; it’s a tangible step towards making blockchain technology synonymous with positive societal impact.
Some of the groundbreaking partnerships of VeChain are highlighted in the video below.
As recently reported by CNF, VeChain emerged as one of the high-profile organizations named in the AI & Blockchain Convergences Task Force. The task force was charged with optimizing understanding and improving ethical standards for the safe and efficient use of AI.
By generating strategic insights and actionable recommendations, the task force aims to bolster integration, reinforce security, and advocate for the ethical deployment of these transformative technologies. Positioned to navigate this intricate landscape, the AI & Blockchain Convergences Task Force champions understanding, ethical standards, and visionary innovation.
