A recent blog post published by Ripple shares that the blockchain behemoth has added Super How blockchain tech research lab to work on the Axiology project together.
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Ripple involved in new EU crypto project
This project has a goal to test and issue cryptocurrencies, which include CBDCs and stablecoins, as well as boosting the confidence of regulators that using these nascent assets is safe for all parties involved in the process.
Super How is headquartered in Lithuania, and it offers Ripple its expertise in projects closely related to cryptocurrencies.
Axiology is an infrastructure system for trading and settling tokenized securities. It allows several layers of the current capital market infrastructure to exist side by side on a single tech layer, make all processes more efficient, launch new business model and so on. This partnership will allow Ripple to continue to spread innovative ideas and technologies to help advance the adoption of blockchain in the sphere of finance.
Axiology project is built on XRP Ledger, and it will provide more new use cases for businesses to apply tokenization and utilization of cryptocurrencies on this blockchain platform. It also works with tokenized securities.
Ripple's VP of Central Bank Engagements James Wallis stated that Ripple Labs is happy to collaborate with Super How and the Axiology project to create real use cases for central bank digital currencies (CBDCs). Stablecoins and CBDCs are necessary for settling tokenized securities.
This is part of the recent DLT Pilot Regime Regulation adopted by the European Union. Therefore, Axiology will be a good opportunity for European banks to practice issuing and using CBDCs.
DLT pilot regime in EU
Along with the MiCA regulation (which stands for Markets in Crypto Assets), targeted at the prevention of fraud activities and AML, the European Commission has introduced a Digital Financial Package. Its goal is to spur the adoption of cryptocurrencies and CBDCs. Besides, it will encourage the use of the aforementioned digital currencies for transnational payments, including the acceleration of settlement times.
The Blockchain Pilot Regime is the main component of this initiative; it will be a sort of sandbox for testing crypto- and CBDC-based payments and settlements.