Singapore, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Xalts and Tezos Foundation today announced that they will collaborate to further the adoption of tokenization of real-world assets (RWA) by institutions. They will provide out-of-the-box solutions to enable financial services, governments, and other enterprise developers looking to build digital asset platforms for implementing blockchain, tokenization, and smart contract applications for different use cases.
Xalts works with financial services and businesses to provide connectivity by leveraging a modern technology stack, including APIs, Blockchains, and Orchestration layers. Its product suite includes solutions such as the RWA Cloud platform, which enables large institutions such as financial services and governments to quickly build complex solutions on blockchains.
Xalts will offer enterprise application developers the option to build on the Tezos blockchain to drive the adoption of use cases in the financial services industry, such as the tokenization of funds, securities, commodities and trade finance assets, digital currencies, and CDBCs. They will also offer solutions for regulators and governments looking to adopt blockchain technology for multiple other use cases. Enterprises can build blockchain applications quickly and at a very low cost using Xalts’ RWA Cloud on Etherlink.
Etherlink is a Layer 2 blockchain powered by Tezos's smart roll-up technology. It is the only non-custodial L2 in the industry and provides a very high-speed execution time while keeping transaction costs very low compared with other blockchain solutions.
RWA Cloud addresses challenges enterprises and regulators face while implementing blockchain, such as retaining complex rules, workflows, processes, and user compliances mandated by internal or regulatory governance. Enterprises can manage process complexity associated with events like issuance, servicing, or transfers by leveraging RWA Cloud’s Smart Workflow Core, an orchestration layer that connects with smart contract libraries and multiple off-chain systems.
Xalts and Tezos Foundation will also work together to onboard organizations on blockchains using RWA Cloud’s Smart Org Manager on Etherlink, which enables organizations to manage their blockchain onboarding by setting up multiple levels hierarchies and user wallet access rights for on-chain and off-chain permissions similar to traditional user management and administration setup.
“We are very excited to partner with Tezos. This partnership will make the development of blockchain and smart contract solutions much more accessible and accelerate enterprise use cases”, said Ashutosh Goel, Chief Executive Officer, Xalts.
“Tezos and Xalts will jointly enable faster adoption of blockchain and tokenization by reducing the cost and time involved in application development and deployment by any type of developer, including large institutions such as governments, banks, and asset managers. With Tezos’ commitment to institutional grade security, Tezos’ smart-rollups with an industry-first non-custodial L2, upcoming native javascript L2, and this partnership, we have an exciting joint roadmap ahead of us!” said Siddharth Singhal, Head of Business Development at Trilitech, Tezos R&D Hub.
The collaboration between Xalts and Tezos comes at a time when several global regulators have launched tokenization use cases, including the Hong Kong Monetary Authority (HKMA), which launched Project Ensemble in Mar 2024, a wholesale central bank digital currency (wCBDC) pilot to ultimately create an interoperable platform, Monetary Authority of Singapore (MAS) launching Project Guardian - a multi-year initiative for asset tokenization, and Qatar Financial Centre (QFC) setting up their Digital Assets Lab.
Ends
About Xalts
Xalts is a financial technology firm providing enterprise grade, real time connectivity between financial services & businesses by leveraging modern technology stack including APIs, Blockchains & Orchestration layers to automate complex workflows. Xalts is backed by Accel and Citi Ventures and has a presence in Singapore, Hong Kong, India, UAE and UK. To learn more about Xalts, visit https://xalts.io/
About Tezos
Tezos is an open-source, energy-efficient blockchain trusted by institutions, developers, and businesses to facilitate secure and seamless value transfer in a digital environment. It is designed for the secure, scalable, and cost-effective deployment of digital assets and applications. As one of the first Proof of Stake blockchains, Tezos is globally supported and valued for its strong governance, long-term upgradability, and robust smart contract security. Visit: https://tezos.com
