FinNexus to use XRP Ledger to implement tokenized asset platform

FinNexus, a Fintech firm that's creating an open-source finance protocol, is planning to launch a digital asset platform on the XRP Ledger.

As mentioned in its 2020 roadmap, FinNexus will use the XRP Ledger to "Issue tokenized assets."

"Cooperation and partnership are crucial to the success of our business. In 2020, our focus will be to partner with other public chains, in addition to Wanchain, to connect not only in protocols but also in business and communities. Partners with quality assets, either on-chain or off-chain, and partners capable of underwriting these assets will be the key users of the FinNexus protocol clusters."

The protocol clusters will connect the different sectors of the global decentralized financial infrastructure, the FinNexus team explains.

The protocol will provide interoperability between base-layer public blockchains, and support the implementation of open APIs and the "Fat protocol" framework, which will connect separate public blockchains.

The NexusFin team noted: "The entire suite of financial services middleware is within our business scope. But we aim to solve these connectivity issues for one set of problems at a time, hence we use the concept of 'protocol clusters' to describe our process of business and protocols development."

FinNexus consists of a protocol suite that is made up of multiple protocol clusters that fulfill different functions.

Initially, FinNexus will focus on three main "Protocol clusters" which include a Blockchain Interaction Protocol at the base layer.

The development team will also release a Protocol Cluster for Assets Payments, and an Assets Distribution Protocol.

The protocol's developers say they will try to use Interledger to create payment channels for FNX. They'll also use the XRP Ledger to issue digital assets that may be traded for stablecoins.