Aviva Investors Launches Tokenized Fund on XRP Ledger in Partnership with Ripple
Aviva Investors has partnered with Ripple to launch a tokenized version of its US Dollar Liquidity Fund on the XRP Ledger. The new share class offers investors the same investment strategy and risk profile as the conventional fund, but with more efficient fund operations through blockchain-based technology.
The Aviva Investors US Dollar Liquidity Fund was launched in 2020 and is backed by high-grade short-term debt denominated in US dollars. Custody for the fund is provided by BNY Mellon, and the tokenized share class has received approval from the Central Bank of Ireland.
Ripple's XRP Ledger was built for this kind of application, according to Nigel Khakoo, SVP for Trading and Markets at Ripple. 'Aviva Investors has demonstrated that it is possible to bring a regulated, institutional-grade tokenized product to market on live infrastructure,' he said.