XRP Slides Toward $1 Despite ETF Inflows and Ongoing XRPL Developments

Tokenization platform Securitize says it expects to raise $400 million in its upcoming public debut through a merger with a company backed by Cantor Fitzgerald. Securitize said on Friday that its final redemption results showed less than 30% of shareholders in Cantor Equity Partners II (CEPT), the special purpose acquisition company that will take Securitize public, had elected to redeem.The company said it expects to receive approximately $400 million in gross proceeds from the merger, including related private investment in public equity, or PIPE, financings and excluding transaction-related expenses.Securitize is set to be the latest buzzy crypto-related public debut as Wall Street seeks exposure to tokenization, an area that is seeing heightened investor interest and attention from US regulators.Shares in Cantor’s acquisition vehicle rose on Friday, closing the trading day up 7% to $10.86 and continuing to rise after-hours to $11.CEPT shares climbed on Friday as Securitize announced fewer shareholder redemptions than expected. Source: Google FinanceThe merger between Securitize and CEPT is expected to close on Wednesday, July 1, subject to shareholder approval on Monday and other closing conditions, and the company will then trade under the ticker SECZ on the New York Stock Exchange on Thursday, July 2.”Reaching the public markets is a significant milestone for Securitize and a reflection of the growing momentum behind tokenization,” said Securitize co-founder and CEO Carlos Domingo.Source: Carlos Domingo“When we started more than eight years ago, the idea that major institutions would embrace tokenized securities was still largely theoretical,” Domingo added. “Today, tokenization is moving into the mainstream.”Related: Franklin Templeton, BNP Paribas see tokenization boosting EU’s capital efficiency Securitize is backed by major institutions, such as BlackRock and Morgan Stanley, and crypto firms, including Coinbase and Circle, and has carved out a lead in the tokenization sector, where assets are represented on blockchains.The company partnered with the New York Stock Exchange in March to create tokenized assets for the exchange’s upcoming tokenized securities platform,Standard Chartered said earlier this month that it expects the amount of tokenized assets active in decentralized finance to grow 37-fold to $2.7 trillion by the end of 2030.In mid-May, the US Securities and Exchange Commission was reportedly ready to allow trading of tokenized stocks, but delayed the plan later that month after stock exchange officials raised concerns over how it would be implemented.Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves