Ripple is partnering with Lithuanian blockchain technology research lab, SUPER HOW? to work on an “ambitious” project known as the Axiology project. The collaboration will serve as a stepping stone towards gaining regulators’ confidence in digital assets.
The project will also serve as a catalyst for testing and issuing digital assets, including central bank digital currencies (CBDCs) and stablecoins, in order to convince regulators of the safety and security of these transformative digital assets.
Axiology itself is a tokenized securities trading and settlement system (DLT TSS) infrastructure that enables multiple layers of the current capital market infrastructures to coexist on one technology layer leading to multiple synergies, process efficiencies and new business models.
In line with Ripple’s goal of driving innovation and advancing the adoption of blockchain technology in the financial industry, the company is working with POWER HOW? to ensure that Axiology becomes a reality.
According to the CEO of Axiology Dr. Marius Jurgilas, the current regulatory climate created by the European Union (EU) makes the region ideal for projects like Axiology to prosper.
”The current regulatory environment shaped by the EU initiatives in the retail capital market and crypto economy creates a perfect development environment and calls for new types of infrastructures to emerge. We strongly support this EU direction and want to be part of this movement,” he said in a statement.
Axiology proves real-world applications for Ripple
There have been arguments on whether Ripple and its native token XRP have any real-world use cases. Up to this moment, Ripple works with several financial institutions to facilitate fast, cheap and instant cross-border transfers.
In addition, Ripple’s vice president of central bank engagements James Wallis says that the Axiology project is another proof that Ripple has real-world, business applications for tokenization and digital assets.
“Ripple is delighted to be working with SUPER HOW? and the Axiology decentralized securities project, further developing our commitment to delivering real world use cases for CBDCs. The project aims to develop a regulatory-compliant infrastructure within the scope of the European Union DLT Pilot Regime Regulation,” Wallis said while commenting on the partnership.
Ripple making progress following victory
Ripple has made much progress despite the court case with the securities and exchange commission (SEC) which lasted three years. Even during that time, the company has made many connections with businesses and educational institutions around the world.
Now that the company has secured a victory in which the court says that XRP is not a security, even more progress is expected. The Axiology project is one of the first partnerships since the court victory, and this is likely to continue as more businesses may now have more confidence in Ripple and indeed, XRP.