Xalts Partners with Polygon to Drive Blockchain Adoption in Financial Institutions

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As a seasoned analyst with over two decades of experience in the finance industry, I’ve witnessed the evolution of technology reshaping the financial landscape like never before. The collaboration between Xalts and Polygon is undeniably a significant step forward in this transformation, particularly in the realm of asset tokenization.

Xalts, a top fintech company, has connected the Polygon blockchain to its high-tier real-world asset tokenization platform, which they call RWA Cloud.

The RWA Cloud provides solutions that help organizations create platforms for managing digital assets, utilizing technologies like blockchain, tokenization, and smart contracts for various purposes.

In a recent development, Xalts and Polygon Labs have become part of the Qatar Financial Centre Authority’s Digital Assets Lab. The partnership aims to explore practical, commercial uses for RWA tokenization. By incorporating Polygon into Xalts’ RWA Cloud platform, developers can now create and deploy blockchain applications affordably on the Polygon network.

The fintech company plans to strengthen its partnership with Polygon Labs, focusing on creating customized business and government solutions using their advanced technological tools.

Xalts’ RWA Cloud assists businesses and authorities in tackling issues associated with adopting blockchain tech. It offers instruments and functions that enable organizations to adhere to both internal policies and regulations, all while utilizing blockchain technology effectively. This encompasses the Smart Workflow Core within the RWA Cloud, which seamlessly connects smart contract libraries and external systems.

Supreet Kaur, COO of Xalts, stated that partnerships like these help in developing applications that meet the specific needs of regulated financial institutions. She further mentioned that they look forward to the mass adoption of RWA tokenization by enterprises. She said:

We’re thrilled to welcome Polygon aboard! Collaboration and integration with blockchain partners will empower regulated financial institutions to construct their enterprise applications smoothly. We eagerly anticipate speeding up the adoption of RWA tokenization among businesses.

Xalt is backed by Accel and Citi Ventures, and has a global presence, with operations spanning Singapore, Hong Kong, India, the UAE, and the UK. This company streamlines intricate tasks for large organizations using advanced technologies such as APIs, blockchains, and orchestration layers, enabling them to work seamlessly and in real-time.

The Global Head of Institutional Capital at Polygon Labs, Colin Butler, commented on the partnership, saying that integrating Polygon with Xalts will help quicken enterprise adoption of blockchain and RWA tokenization. Colin further stated that they anticipate closely working with Xalts to equip the financial institution with plug-and-play solutions. He said:

By connecting Polygon with Xalts’ RWA Cloud, we can accelerate the implementation of blockchain and RWA Tokenization among businesses. We eagerly anticipate collaborating closely with the Xalts team to provide financial organizations and tech companies with an effortless-to-use, ready-made solution.

Growing Momentum for Asset Tokenization

This year, there’s been a steadily increasing push towards asset tokenization, with influential financial bodies such as the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) taking an active role in endorsing and supervising tokenization initiatives.

The partnership between Xalts and Polygon might lead to advancements in the financial industry’s application of blockchain technology, ultimately boosting the functionalities associated with asset tokenization.

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2024-10-08 18:29