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Cryptocurrency News Articles
Aurum Launches $1B Tokenized Fund for Data Center Investments on XRP Ledger With Zoniqx
Oct 23, 2024 at 02:01 am
The vehicle will focus on data center investments across the U.S, United Arab Emirates, Saudi Arabia, India, and Europe, claiming to be the "world's first combined equity and debt tokenized fund."
Private equity firm Aurum Equity Partners is launching a $1 billion tokenized equity and debt fund on the XRP Ledger (XRP) network.
The fund will focus on investments in data centers across the U.S, United Arab Emirates, Saudi Arabia, India, and Europe, and it is claimed to be the "world’s first combined equity and debt tokenized fund," according to a press release on Tuesday.
The fund will leverage technology by San Francisco-based tokenization service provider Zoniqx to create security tokens of the underlying financial instruments.
The move comes as part of a broader trend of institutional investors increasingly placing traditional financial products like bonds, credit and equity on blockchain rails in pursuit of operational efficiency gains and speedier around-the-clock settlements.
The real-world asset (RWA) tokenization market could grow to trillions of dollars over the next years, according to various reports from McKinsey, BCG, 21Shares and Bernstein.
"Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets," said David Schwartz, chief technology officer of Ripple and co-creator of the XRP Ledger.
“By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx are showing how real-world assets can be managed more effectively harnessing a decentralized blockchain.”
Aurum is also planning to launch a follow-on fund in the future, according to the press release.
The fund is the latest in a string of recent developments for XRP Ledger and Ripple Labs, which is closely associated with the blockchain.
Last week, Ripple President Monica Long said at the company's annual Swell conference that Ripple is awaiting approval from New York state regulators to launch its U.S. dollar stablecoin.
The stablecoin would play a key role to improve liquidity and support institutions to tokenize and settle financial assets on the XRPL network, Long said.
Aurum did not immediately respond to a request for comment by press time.
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