Coinspeaker Xalts Partners with Polygon to Drive Blockchain Adoption in Financial Institutions
Xalts, a leading financial technology firm, has integrated the Polygon blockchain into its enterprise-level real-world asset (RWA) tokenization platform, 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.
Xalts and Polygon Labs recently joined the Qatar Financial Centre Authority’s Digital Assets Lab to test how RWA tokenization can be applied in practical, commercial situations. Integrating Polygon within Xalts’ RWA Cloud platform will allow developers to build and deploy blockchain applications at a low cost on Polygon.
The financial technology firm will further deepen its collaboration with Polygon Labs to develop various institutional applications tailored for businesses and government entities.
Xalts’ RWA Cloud helps enterprises and regulators overcome various challenges related to implementing blockchain technology. It provides tools and features that allow organizations to maintain compliance with internal and regulatory standards while leveraging blockchain technology. This includes the RWA Cloud’s Smart Workflow Core, which integrates smart contract libraries and off-chain 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 are very excited to onboard Polygon. Deeper collaboration and integrations with blockchain partners enables regulated financial institutions to build their enterprise use cases in a seamless way. We look forward to accelerating the adoption of RWA tokenization by enterprises”
Xalt is supported by Accel and Citi Ventures, and it operates in several countries, including Singapore, Hong Kong, India, the UAE, and the UK. The firm uses tools like APIs, blockchains, and orchestration layers to automate complex tasks, making it easier for large organizations to work efficiently 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:
“Integrating Polygon with Xalts RWA Cloud will speed up the enterprise adoption of blockchain & RWA Tokenization use cases. We look forward to working closely with the Xalts team to enable financial institutions and fintechs with a plug and play solution”
Growing Momentum for Asset Tokenization
There has been growing momentum for asset tokenization this year, with key financial authorities like the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) actively promoting and overseeing tokenization projects.
The collaboration between Xalts and Polygon could potentially improve how blockchain technology is used in the financial sector and enhance the capabilities of asset tokenization.
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Xalts Partners with Polygon to Drive Blockchain Adoption in Financial Institutions
