Zoniqx Teams Up with Ripple for Enhanced Digital Asset Management

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  • Zoniqx and Ripple collaborate to revolutionize asset tokenization, integrating XRPL with Zoniqx’s services.
  • CEO Prasanth Kalangi and SVP Markus Infanger express optimism, aiming to simplify real-world asset tokenization.
  • Legal hurdles loom for Ripple despite partnership success, with a class action lawsuit alleging XRP sales violations.

Zoniqx, formerly known as Tassets, has partnered with Ripple, a company engaged in blockchain and cryptocurrency technologies. This partnership effort seeks to use Ripple’s XRP Ledger (XRPL) capabilities to make tokenization more efficient, accessible, and liquid within the digital asset marketplace. Additionally, on February 27, 2024, David Schwartz, Ripple CTO,  is slated to offer updates on the XRPLedger’s progress in interoperability and EVM integration.

The partnership combines the XRPL infrastructure with Zoniqx’s services, including its Tokenization Platform as a Service (TPaaS) and Tokenization Life Cycle Management (TALM) solutions, aiming to simplify the tokenizing real-world assets. This effort is intended to improve the efficiency and accessibility of digital assets, thereby reducing traditional obstacles and contributing to a more inclusive market.

Prasanth Kalangi, CEO and Founder of Zoniqx expressed enthusiasm about the partnership, pointing out its ability to create new benchmarks in digital asset management. Markus Infanger, SVP of RippleX, shared a similar perspective, noting the importance of integration in furthering the Internet of Value.

Following the partnership, X’s comments show the excitement and high expectations of the collaboration. For instance, BuyTheCryptoDip commented that “2024 is the year of TOKENIZATION,” highlighting the anticipated impact of this alliance. Moreover, insights from WrathofKahneman on X shed light on Zoniqx’s ambitions and its expansion plans in Silicon Valley, MENA, and Asian markets. 

However, according to a recent Coinedition report, Ripple continues to navigate through legal challenges despite the promising partnership. A class action lawsuit in the Northern District of California accuses Ripple Labs Inc., its CEO Brad Garlinghouse, and subsidiary XRP II, LLC, of selling XRP without the necessary registrations, allegedly violating federal and California securities laws. This lawsuit represents a significant hurdle, focusing on transactions made between July 3, 2017, and June 30, 2023, and seeks restitution for the affected parties.

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