A recent announcement released by Ripple reveals that it has partnered with blockchain technology research lab Super How to collaborate on the Axiology project.
Ripple participates in new EU crypto project
The goal of this project is to test and release cryptocurrencies, including CBDCs and stablecoins, and to increase the confidence of regulators that the use of these nascent assets is safe for all parties involved in the process. Headquartered in Lithuania, Super How offers Ripple its experience in projects closely related to cryptocurrencies.
Axiology is an infrastructure system for trading and settlement of tokenized securities. This allows several layers of the current capital market infrastructure to coexist on the same technological level, improve the efficiency of all processes, launch a new business model, etc. This partnership will allow Ripple to continue to spread innovative ideas and technologies to drive blockchain adoption in finance.
The Axiology project will provide more new use cases for businesses to apply tokenization and use cryptocurrencies on this blockchain platform. It also works with tokenized securities. Ripple’s VP of Central Bank Relations, James Wallis, said Ripple Labs is excited to partner with Super How and the Axiology project to create real use cases for Central Bank Digital Currencies (CBDCs). Stablecoins and CBDCs are required for the settlement of tokenized securities. This is part of the recent DLT Pilot Regulation adopted by the European Union. Thus, Axiology will be a good opportunity for European banks to practice issuing and using CBDCs.
Piloting a DLT regime in the EU along with the MiCA (stands for Markets in Crypto Assets) regulation aimed at preventing fraud and AML, the European Commission has introduced a digital finance package. Its goal is to stimulate the adoption of cryptocurrencies and CBDCs. In addition, it will facilitate the use of digital currencies for transnational payments, including faster settlement times. The blockchain pilot mode is the main component of this initiative, it will be a kind of sandbox for testing payments and settlements based on cryptocurrencies and CBDCs.