WORK Medical To Explore RWA Initiatives Via Partnerships
The medical products maker hopes to leverage RWA technology to transform and leverage its current product infrastructure and budding AI business
Key Takeaways:
- WORK Medical has formed a new alliance with the Hong Kong Web3.0 Standardization Association and was appointed as the organization’s “council vice chairman.”
- The company has also entered into a collaboration with Ruijin Hospital’s Wuxi Branch to accelerate the development of a next-generation, AI-driven smart clinical ecosystem
Hong Kong kicked off a new era in its embrace of virtual assets on Aug. 1 with the official launch of a regulatory and licensing framework for virtual currencies known as stablecoins. A steady stream of Chinese companies has begun experimenting in the city with virtual assets and their underlying blockchain technology since then, covering a wide range of industries.
Medical products seller WORK Medical Technology Group Ltd. (NASDAQ:WOK) became the latest to join that parade, as it unveiled a major new initiative to explore real world asset (RWA) tokenization and related blockchain technology in a partnership with the Hong Kong Web3.0 Standardization Association, which promotes the high-quality development of the global Web3.0 industry through standardization research and efforts.
The deal comes just over a year after WORK Medical listed on the Nasdaq, and is part of the company’s evolving “Healthcare + Payment + Technology = RWA + Web3 + AI” strategy. WORK Medical also plans to strategically collaborate with one or more qualified firms from the financial sector, which would provide a key compliance channel for its asset tokenization ambitions.
Tokenized RWA, or real-world assets with value that have been digitalized, is projected to surge to over $50 billion by the end of this year, according to a report published in May by digital currency market-making firm Keyrock and tokenization platform Centrifuge. The report also pointed out …
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