Swiss multinational investment bank and financial services company UBS is launching a “tokenized money market fund” pilot program on Ethereum (ETH).
In a new blog post, UBS Asset Management announces what it calls the “first blockchain-native tokenized VCC fund pilot” in Singapore.
Says Thomas Kaegi, Head of UBS Asset Management, Singapore & Southeast Asia,
“This is a key milestone in understanding the tokenization of funds, building on UBS’s expertise in tokenizing bonds and structured products. Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.”
UBS says the pilot program, led by the Monetary Authority of Singapore (MAS), uses UBS Tokenize, the company’s in-house tokenization service, which allows for fund subscriptions and redemptions to be managed through a smart contract.
The announcement goes on to state that this initiative is a part of the company’s global strategy to enhance fund issuance and distribution by utilizing distributed ledger technology(DLT) on both public and private blockchain networks. The tokenization services are being expanded by UBS through its UBS Tokenize program.
According to the company,
“Following the successful launch of the first pilot transactions, UBS Asset Management will be looking to execute further live pilot use cases under Project Guardian – working with a wider set of partners and explore various investment strategies.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney