{"id":132000,"date":"2020-04-29T22:59:18","date_gmt":"2020-04-29T21:59:18","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=132000"},"modified":"2020-04-29T23:01:05","modified_gmt":"2020-04-29T22:01:05","slug":"wanchain-backed-finnexus-expands-to-xrp-ledger-for-tokenizing-real-world-assets","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/wanchain-backed-finnexus-expands-to-xrp-ledger-for-tokenizing-real-world-assets\/","title":{"rendered":"Wanchain-backed FinNexus expands to XRP Ledger for tokenizing real-world assets"},"content":{"rendered":"<p>DeFi platform <a href=\"https:\/\/finnexus.io\/?hl=en\">FinNexus<\/a> and crypto exchange <a href=\"https:\/\/www.bitrue.com\/?hl=en_US\">Bitrue<\/a> announced on April 27 their joint initiative to incorporate asset tokenization services on Ripple\u2019s XRP ledger platform and the <a href=\"https:\/\/cryptoslate.com\/coins\/wanchain\/\">Wanchain blockchain<\/a>.<\/p>\n<h2>Interoperable services on XRP<\/h2>\n<p>The <a href=\"https:\/\/www.prnewswire.com\/news-releases\/building-on-the-xrp-ledger-and-beyond---finnexus--bitrue-burst-into-defi-301047583.html\">announcement<\/a> points out the lack of asset-backed tokens in the broader cryptocurrency market, a gap that DeFi services like FinNexus aim to fill. To ensure interoperability with other assets and protocols, the firm has deployed its services on XRP ledger \u2014 a peer-to-peer framework that allows the exchange of fiat currencies using the Ripple blockchain.<\/p>\n<p>FinNexus is headed by Wanchain\u2019s technical lead <a href=\"https:\/\/cn.linkedin.com\/in\/boris-yang-371297199\">Boris Yang<\/a> and Indonesian fintech group <a href=\"https:\/\/www.linkedin.com\/company\/superatom\">Superatom<\/a>. The joint project, with Bitrue, will see the issuance of the native \u201cFNX\u201d token on the European exchange to tokenize \u201creal-world cash flows\u201d and allow the exchange of value globally. FNX will be built on Wanchain\u2019s WRC20 protocol.<\/p>\n<p>Payment channels, traditional banking platforms, centralized and decentralized exchanges, and other \u201cLayer 2.0\u201d legacy financial infrastructure, as part of the so-called \u201cFAT protocol.\u201d<\/p>\n<p>The announcement stated investors will presumably look for risk-adversity and seek diversity in the post-Covid-19 market, adding:<\/p>\n<blockquote><p>\u201cWe will use advanced blockchain and legacy system protocols to make more assets accessible on-chain throughout the world.\u201d<\/p><\/blockquote>\n<p>Once developed, investors may control risk and exposure to various assets by utilizing FNX. As mentioned, a safeguard mechanism protects against sudden drops in cryptocurrency \u2014 such as those observed on March 12 \u2014 although exact specifics remain unknown at press time.<\/p>\n<h2>XRP continues to expand partnerships<\/h2>\n<p>After the aforementioned partnership, Ripple\u2019s XRP platform cements itself as a trusted provider of blockchain services and products. A major effort includes <a href=\"https:\/\/ripple.com\/insights\/azimo-and-scb-runs-on-ripple-for-instant-payments-into-thailand\/\">partnering<\/a> with the national banks of Thailand <a href=\"https:\/\/www.altcoinbuzz.io\/cryptocurrency-news\/partnerships\/rakbank-adopts-ripplenet-for-philippine-remittance\/\">and the Philippines<\/a> for settlements. However, the former later stated no interest in the XRP token, as CryptoSlate <a href=\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/\">reported in June 2019<\/a>.<\/p>\n<figure id=\"attachment_107483\" aria-describedby=\"caption-attachment-107483\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-107483\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/xrp-thailand-social-1024x538.jpg\" alt=\"Thailand\u2019s largest commercial bank redacts statement on integrating Ripple\u2019s XRP\" width=\"480\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/xrp-thailand-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/xrp-thailand-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/xrp-thailand-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/xrp-thailand-social.jpg 1200w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/a><figcaption id=\"caption-attachment-107483\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/thailands-largest-commercial-bank-redacts-statement-ripple-xrp\/\">Thailand\u2019s largest commercial bank redacts statement on integrating Ripple\u2019s XRP<\/a><\/figcaption><\/figure>\n<p>XRP-centric partners <a href=\"https:\/\/cryptoslate.com\/moneygram-xrp-ripple-xrapid-cross-border-payments\/\">include<\/a> Moneygram, BBVA, <a href=\"https:\/\/cryptoslate.com\/western-union-ceo-states-ripple-xrp-payments-arent-cheaper\/\">and Western Union<\/a>, three legacy financial transfer giants that have actively tested the token for use on their respective platforms.<\/p>\n<p>In the cryptocurrency market, infamous for projects raising millions of dollars but providing little value \u2014 Ripple seemingly continues to build products ensuring the use of XRP, its native token.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DeFi platform FinNexus and crypto exchange Bitrue announced on April 27 their joint initiative to incorporate asset tokenization services on Ripple\u2019s XRP ledger platform and the Wanchain blockchain. Interoperable services on XRP The announcement points out the lack of asset-backed tokens in the broader cryptocurrency market, a gap that DeFi services like FinNexus aim to [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":132055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,5789,60208],"tags":[60946],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wanchain-backed FinNexus expands to XRP Ledger for tokenizing real-world assets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/wanchain-backed-finnexus-expands-to-xrp-ledger-for-tokenizing-real-world-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wanchain-backed FinNexus expands to XRP Ledger for tokenizing real-world assets\" \/>\n<meta property=\"og:description\" content=\"DeFi platform FinNexus and crypto exchange Bitrue announced on April 27 their joint initiative to incorporate asset tokenization services on Ripple\u2019s XRP ledger platform and the Wanchain blockchain. Interoperable services on XRP The announcement points out the lack of asset-backed tokens in the broader cryptocurrency market, a gap that DeFi services like FinNexus aim to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/wanchain-backed-finnexus-expands-to-xrp-ledger-for-tokenizing-real-world-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-29T21:59:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-29T22:01:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/xrp-skyscraper.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/wanchain-backed-finnexus-expands-to-xrp-ledger-for-tokenizing-real-world-assets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/wanchain-backed-finnexus-expands-to-xrp-ledger-for-tokenizing-real-world-assets\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/132000"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=132000"}],"version-history":[{"count":3,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/132000\/revisions"}],"predecessor-version":[{"id":132056,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/132000\/revisions\/132056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/132055"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=132000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=132000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=132000"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=132000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}