- Ripple and XRP included in FinNexus roadmap for 2020
- FinNexus to utilize XRP ledger
FinNexus recently announce it will be utilizing Ripple and its native token XRP. This information was extracted from FinNexus’s roadmap for 2020, which included Ripple and XRP playing a major role in aiding further development of the services provided. FinNexus is an open financial protocol built on the Wanchain blockchain. It aims to establish links between assets, users and services provide via the use of blockchain technology.
XRP (XRP) Price Today – XRP / USD
According to the official statement by FinNexus, the company reveals that this year two public blockchain will be linked with one another. The first product will be an open market for cross decentralized/conventional financial products. The infrastructure is created on the Wanchain blockchain to offer all basic functions. FinNexus also plans to utilize the XRP ledger to tokenize assets.
FinNexus to Utilize XRP Ledger
The company explains that this year 2 public blockchains will be connected. The first product will be a marketplace for hybrid decentralized/traditional financial products. The infrastructure is built on the Wanchain blockchain to provide all basic functions. FinNexus also plans to use the XRP ledger to tokenize assets:
“We could turn to a few networks to create a PCAP that could connect different digital currencies including Ripple and XRP. So we will try to use Interledger to create a payment channel for FNX.”
The first tokenized assets termed UM1S (UangMe Asset-backed Tokens Phase 1 Senior Tranche) are projected to be released in the Q1 of 2020. To back this, a comprehensive release document with all additional details is to be published on FinNexus’s website before the release. These UM1S will have a huge influence on the system.
Additional phases of the tokenized products will be created and released in the Q2 of 2020. Also, related products with the same fundamental properties are to be released and would be termed UMnS. This is where the link to the XRP ledger will be formed. The official statement went thus:
“We will also use XRP Ledger to issue tokenized assets that could be exchanged by stable coins on XRP. And then we will make this function to be a part of Assets Producing Protocol and Assets Trading Protocol.”
In the Q3 of 2020, the first draft of the decentralized exchange is to be released. After which major decision-makers will discuss and upgrade the additional development plan in terms of communication with stakeholders and prospective users of the platform. FinNexus intends to establish a staking device that will offer additional benefits for involvement in the network.