Xalts boosts blockchain with Polygon for asset tokenisation

Xalts has announced a deeper collaboration with Polygon to bring its real world asset tokenization platform, RWA Cloud, to the Polygon blockchain network.

The integration aims to provide enterprise application developers with the capability to deploy and create blockchain applications swiftly and cost-effectively using Polygon. This move allows Xalts to offer a plug-and-play solution for institutions exploring RWA tokenization and blockchain-based technology applications on the Polygon network.

Recently, Xalts and Polygon Labs joined the Qatar Financial Centre Authority Digital Assets Lab to test and commercialise cases in real-world asset tokenization. The collaboration signifies a joint effort in exploring new dimensions in blockchain technology and asset tokenization.

RWA Cloud by Xalts provides out-of-the-box solutions for financial services, governments, and enterprise developers. It aids them in building digital asset platforms, facilitating blockchain, tokenization, and smart contract applications for diverse use cases. The product suite is designed to leverage a modern technology stack, including APIs, blockchains, and orchestration layers.

Supreet Kaur, Chief Operating Officer at Xalts, expressed: "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."

The incorporation of Polygon into Xalts' offerings is designed to address challenges encountered by enterprises and regulators when implementing blockchain technologies. RWA Cloud's Smart Workflow Core is tailored to manage process complexity linked with events like issuance, servicing, or transfers. It achieves this by connecting smart contract libraries and off-chain systems through its orchestration layer.

Xalts plans to partner with Polygon Labs on various institutional applications targeting trade and supply chain finance, treasury management, and digital currency adoption. This partnership epitomises progress in tokenization within the financial sector, supported by regulatory projects such as the Hong Kong Monetary Authority's Project Ensemble for asset tokenization and the Monetary Authority of Singapore's Project Guardian.

Colin Butler, Global Head of Institutional Capital at Polygon Labs, commented: "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."