Ripple has made strategic investments in ZILO and Licuido, two firms focused on regulated transfer agency, securities issuance, and collateral mobility built on the XRP Ledger. The deals are framed as deepening Ripple's push into tokenized capital markets infrastructure, providing the rails for institutional asset movement across on-chain venues.
For Armada's crypto-repo desk, the development of collateral mobility infrastructure on XRP Ledger adds another potential settlement network to the competitive landscape. If institutional counterparties adopt XRP Ledger-native collateral assets, Armada's current Fireblocks-centric custody and settlement model may need to accommodate multi-chain collateral management. Track whether ZILO or Licuido attract counterparty types, such as family offices or asset managers, that overlap with Armada's target client base.