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Cryptocurrency News Articles
Xalts Integrates Polygon Blockchain Into Its RWA Tokenization Platform, RWA Cloud
Oct 09, 2024 at 11:12 am
Xalts, a prominent financial technology firm, has made a significant move by integrating the Polygon blockchain into its enterprise-level real-world asset (RWA) tokenization platform, RWA Cloud.
Prominent financial technology firm Xalts has announced the integration of the Polygon blockchain into its enterprise-level real-world asset (RWA) tokenization platform, known as RWA Cloud. This move is set to enhance the platform's capabilities, enabling organizations to efficiently manage digital assets by harnessing blockchain, tokenization, and smart contract technologies. Notably, the integration with Polygon aims to provide a cost-effective solution for developers seeking to build and deploy blockchain applications.
The RWA Cloud platform offers solutions that aid businesses in creating systems to manage digital assets, with a focus on regulatory compliance and seamless integration with internal workflows. At the core of the platform is the Smart Workflow Core technology, which assists organizations in navigating the complexities of blockchain implementation with features such as smart contract libraries and off-chain systems. The primary goal is to assist enterprises and regulators in adopting blockchain technology while maintaining adherence to various compliance standards.
In related news, Xalts and Polygon Labs recently joined forces as part of the Qatar Financial Centre Authority’s Digital Assets Lab initiative, where they are exploring practical, real-world applications of RWA tokenization in commercial settings. This collaboration is seen as a critical step in testing how blockchain technologies can be effectively integrated into existing financial systems to improve efficiency and transparency.
The integration of Polygon within Xalts’ RWA Cloud platform is expected to provide several benefits, particularly for developers. Polygon's low-cost infrastructure makes it an attractive option for building blockchain applications, especially in a time when enterprises are seeking cost-effective solutions for implementing advanced technologies. By integrating Polygon, Xalts is creating a pathway for businesses to adopt blockchain technology without the traditionally high costs associated with such transitions.
Xalts plans to continue deepening its collaboration with Polygon Labs, with the intention of developing more institutional applications. These applications will be tailored for enterprises and government entities, focusing on providing tools that help organizations harness blockchain’s potential in a practical, secure, and cost-efficient manner.
Commenting on the partnership, Supreet Kaur, Chief Operating Officer at Xalts, expressed optimism about accelerating the adoption of RWA tokenization by enterprises. She highlighted the importance of such collaborations in enabling regulated financial institutions to seamlessly build enterprise use cases. This partnership is expected to pave the way for widespread adoption of blockchain in the financial sector, particularly in asset tokenization, which has seen increasing interest from various financial authorities worldwide.
Xalts’ collaboration with Polygon also aligns with the broader trend of growing momentum for asset tokenization. In recent months, key financial authorities such as the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) have been actively promoting tokenization projects. These efforts signal a shift in how financial institutions are approaching the future of asset management, with tokenization being viewed as a transformative technology that can bring about greater efficiency and transparency.
The integration of Polygon with Xalts’ platform is expected to help speed up enterprise adoption of blockchain technology. Colin Butler, Global Head of Institutional Capital at Polygon Labs, expressed confidence in the partnership's potential to deliver plug-and-play solutions for financial institutions. By offering these ready-to-use solutions, Xalts and Polygon are positioning themselves as key players in enabling fintech companies and financial institutions to leverage blockchain for real-world asset management.
Backed by Accel and Citi Ventures, among others, Xalts operates across several countries, including Singapore, Hong Kong, India, the UAE, and the UK. The company combines APIs, blockchain technologies, and orchestration layers to automate complex processes for large organizations, enabling real-time, efficient operations. Xalts is known for simplifying complex blockchain applications, making it a significant player in the evolving financial technology landscape.
As asset tokenization gains steam, collaborations like that between Xalts and Polygon are expected to play a pivotal role in shaping the future of the financial sector. By providing scalable, cost-efficient, and compliant solutions, these companies are helping to bridge the gap between traditional financial systems and blockchain technology. This partnership holds the potential to transform how assets are managed, traded, and tokenized, ultimately driving the adoption of blockchain technology in institutional settings.
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