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Archax makes abrdn money market fund accessible and transferable on Algorand blockchain using Quantoz EURD electronic money token





Today, the Algorand FoundationArchax, and Quantoz Payments announced:

  • The first ever tokenized money market fund has arrived on Algorand following the issuance by Archax of tokenized interests in abrdn’s €3.8 billion Euro Money Market fund1.
  • Integration between Quantoz Payments and Archax allows for the use of EURD electronic money on the Archax digital assets platform.
  • Native “no-code” atomic settlement of EURD/fund token in peer-to-peer secondary market transactions enables instant execution of interdependent transactions in a predefined order.

Combining robust tokenized assets, on-chain digital money, and native atomic settlement, the partners have been able to illustrate the feasibility and efficiency of moving the end-to-end investment and cash settlement process on-chain: investment, asset transfer, trading, settlement, and distributions.

Nick Haasnoot, CEO of Quantoz Payments, comments: “The use of EURD to purchase Money Market Funds in tokenized format is a ramp up to deploy more tokenized financial instruments.  Delivery Versus Payment via regulated electronic money will form the basis of an expected wide acceptance of this product, with opportunities for both retail and institutional investors towards a variety of assets.”

Graham Rodford, CEO and co-founder of Archax, comments: “There is now real momentum building for tokenized real-world assets, and yield-bearing, regulated instruments, like money-market funds, are at the forefront of this activity.  Solving the “cash-leg” of on-chain settlement has generally proved more challenging than the “asset-leg” and the use of digitally-native money, like EURD, can be an important tool to unlock the benefits that on-chain financial markets can bring. We are pleased to be working with Algorand and Quantoz to deliver the improved transparency and efficiency that blockchain/DLT offer.”


Russell Barlow, abrdn’s Global Head of Multi-Asset and Alternative Investment Solutions, commented: “At abrdn, we are committed to leading digital innovation in investment management and are delighted to see continued progress in this field. The development highlights the importance of institutional infrastructure providers, and we congratulate Archax, Quantoz and the Algorand Foundation on this key milestone.”

“The future of finance is truly instant – including the instant finality of transactions. This partnership between Archax and Quantoz to bring both a digital euro and a tokenized fund to Algorand makes this a reality for registered investors across Europe,” said Eric Wragge, global head of business development and capital markets for the Algorand Foundation. “The impact of combining tokenized assets and a digital euro is significant, and we look forward to bringing even more innovation like this to Algorand’s institutional-grade, quantum-secure blockchain.”

EURD and Quantoz Payments

EURD, a programmable European Union digital euro, is issued on Algorand by Quantoz Payments, an Electronic Money Institution (EMI) authorized and regulated by the Dutch Central Bank.  EURD in issuance are more than covered by a 102% surplus of high quality liquid assets that are subject to strict Central Bank oversight and held in a bankruptcy remote foundation, Stichting Quantoz.  EURD may be created by sending funds via the SEPA payment network and holders have the right to redeem for par value at any time.

Asset tokenization and Archax


Archax is based in London and is the first-ever firm to be authorized by the UK Financial Conduct Authority (“FCA”) as a digital securities exchange, custodian and brokerage, as well as the first to be listed on the regulator’s Cryptoasset Register.  Consistent with these regulatory permissions and its status as a distributor of abrdn products, Archax is able to a) purchase and hold fund units in bankruptcy remote trust, b) issue Algorand Standard Asset tokens representing beneficial ownership of the underlying fund units, and c) observe the Algorand blockchain to identify peer to peer transfers and ownership changes.  Additionally, given its integration with Quantoz, it is able to accept, distribute, and redeem EURD, which can be used to accept deposits, process withdrawals, distribute coupons, interest pay-outs, or dividends.

Subject to Archax onboarding procedures, qualified investors may invest in, custody, and trade the range of tokenized products available on Archax’s digital assets platform, which includes access to the abrdn’s money market funds.

To abide by AML and regulatory requirements, tokens issued by Archax may only be transferred between wallets whitelisted by Archax.

Transaction orchestration and Algorand

A unique feature of the Algorand blockchain is that atomic swap functionality – controlled exchange of assets if and only if all parties fulfill their side of the bargain- is built into the protocol itself and does not require smart contract programming. Algorand atomic swaps allow for the execution of group transactions, without counterparty risk and with precise transaction ordering, enforced by consensus, a critical requirement of several types of complex financial workflows.


In addition, atomic swaps benefit from Algorand’s instant finality, which means that all transactions are final the moment a new block is created (~ 3 seconds). All interdependent transactions that are part of an atomic swap, are guaranteed to be executed in the same block.

The post Archax makes abrdn money market fund accessible and transferable on Algorand blockchain using Quantoz EURD electronic money token appeared first on HIPTHER Alerts.

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RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah






Phoenix Group PLC and IOPn commit to investing $100 million to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.

This partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.


RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies, has entered into a strategic partnership with Phoenix Group and IOPn. This collaboration aims to drive innovation, foster economic growth, and further position Ras al Khaimah as a global hub for Web3 pioneers. Phoenix Group, an ADX-listed company, is a leader in web3 development in the UAE. IOPn is an integrated Web3 ecosystem that leverages blockchain, AI, and cutting-edge spatial computing.

As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030 leveraging RAK DAO’s infrastructure. This substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region. Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

This collaboration underscores our commitment to driving economic growth and sustainability through technological advancements. We look forward to welcoming top-tier professionals and pioneering initiatives that will redefine the digital landscape of Ras al Khaimah.”

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”


Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

At the heart of this collaboration lies a commitment to access and nurture top-tier talent within the blockchain and Web3 industries. By enriching the local talent pool and fostering an environment conducive to innovation, RAK DAO, Phoenix Group and IOPN aim to drive forward-thinking initiatives that redefine the landscape and highlight the Emirate of Ras al Khaimah as an attractive destination for top talent. This six-year partnership and substantial investment underscore their dedication to stimulating innovation and attracting top-tier professionals.


The post RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah appeared first on HIPTHER Alerts.

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xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations





 xPortal, the ultimate financial super app for everything money, developed by the MultiversX team, is thrilled to announce significant enhancements to its platform, aimed at elevating the Solana ecosystem experience for both new and existing users.

These updates include the ability to top up xPortal Debit Cards with SOL, the listing of numerous SPL tokens, and the integration of leading SOL dApps in xPortal’s Discover section, the app’s multi-chain dApp hub. This development further cements xPortal’s role as a unique bridge between the digital and physical worlds, facilitating seamless transitions from crypto to cash for holders of top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Solana (SOL), and Polygon (MATIC).

Starting today, xPortal users can effortlessly top-up their xPortal Debit Cards with their SOL holdings. This new feature allows Solana enthusiasts to use their crypto for shopping easily and manage their finances quickly, making it simpler than ever to transition from digital assets to real-world spending power.


Additionally, xPortal now supports over 20 Solana-based SPL tokens, providing users with expanded opportunities to manage and interact with their favorite Solana assets. The new tokens available on xPortal include $PYTH, $IO, $JTO, $WIF, $BONK, $JUP, $RAY, $BOME, $HNT, $POPCAT, $BEER, $USDT, $USDC, $LINK, $LDO, $FTM, $RPL, $SUSHI, $DADDY, and $BODEN. This extensive list ensures that users can now enjoy a comprehensive Solana experience directly from the xPortal app, with more tokens being activated weekly.

The xPortal Discover section has also been enhanced with the addition of top-tier Solana decentralized applications (dApps). Users can now explore and interact with premier Solana dApps, including Jupiter Exchange, Raydium Protocol, and Kamino Finance.

Sergiu Biris, Head of Product at MultiversX and xPortal Lead, commented on the update: “These latest developments are a testament to our dedication to providing a complete experience for our users and represent a significant step forward in our mission to bring blockchain technology into the mainstream and make crypto payments the norm.”

“We’ve spent considerable time equipping xPortal with a unique set of features that make it stand out: unmatched simplicity and ease of use, beautifully abstracted complexity, the ability to bridge physical and digital realms, and many others. We’re excited to make access to all these features ecosystem-agnostic,” Biris added.



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ChainSwap Adds BNB Chain to Their Decentralised Exchange




ChainSwap, a multi-chain decentralized exchange (DEX), has integrated BNB Chain into its platform, adding to its growing list of supported networks. The new integration will enable users to conduct transactions on the BNB network, with plans for cross-chain transactions in the near future.

The incorporation of BNB Chain has seen ChainSwap continue to expand its multi-chain DEX, cementing its commitment to provide users with a secure platform for seamless cross-chain transactions. This is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), delivering unparalleled security and privacy for transactions taking place on the platform.

Fitzy, Founder and CEO of ChainSwap, was emphatic on the importance of the new integration: “Integrating the BNB chain on our network will help our users navigate Web 3 space, and plays into our mission of growing, and becoming increasingly interoperable”.

With plans to enable cross-chain transactions between BNB Chain and other leading blockchain networks, ChainSwap aims to further expand the utility of its seamless cross-chain transactions for users.


The post ChainSwap Adds BNB Chain to Their Decentralised Exchange appeared first on HIPTHER Alerts.

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