Fun

News Feed - 2023-10-02 09:10:34

Ezra Reguerra11 hours agoSwiss bank UBS launches tokenized money market fund on EthereumThe fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain.4298 Total views39 Total sharesListen to article 0:00NewsJoin us on social networksLeading Swiss bank UBS has launched a live pilot of a tokenized version of its variable capital company (VCC) fund as part of Project Guardian, an initiative led by Singapore’s central bank. 


In a press release, UBS Asset Management announced that the fund is part of a broader VCC umbrella designed to bring different types of real-world assets (RWA) to the blockchain. According to Thomas Kaegi, the head of UBS Asset Management for Singapore and Southeast Asia, the project is a milestone in understanding funds tokenization. Kaegi said:“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 Asset Management launched the controlled pilot of the tokenized money market fund through the company’s in-house tokenization service called UBS Tokenize. Using a smart contract on Ethereum, the firm carried out various activities, including redemptions and fund subscriptions.


The pilot is also a part of the company’s global distributed ledger technology strategy, which focuses on using private and public blockchains to enhance fund distribution and issuance.


Related:Singapore commits $112M to support fintech solutions like Web3


The new development realizes previous predictions on the tokenization of RWAs. In a panel discussion at the World Token Summit 2023, United Arab Emirates government adviser Ellis Wang told Cointelegraph that tokenization of RWAs gives various advantages like transparency and security, which are features embedded into blockchains. According to the executive, the tokenization of RWAs may catch on, as it presents significant opportunities for many industries.


Earlier this year, protocols focusing on RWAs became a hot topic as they outperformed other subsectors of decentralized finance. On June 9, token gains of RWA tokenization platform Centrifuge had surged by 32% year-to-date.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Hyperbitcoinization is underway, RFK seeks Bitcoin donations and other news: Hodler’s Digest# Blockchain# Banks# Assets# Asset ManagementAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedPay-to-use blockchains will never achieve mass adoptionHow AI is changing crypto: Hype vs. reality

News Feed

Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative Token
Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative Token On April 3, 2023, the Dfinity Foundation, a development team behind the Internet Comp
Nigerian Agencies Told to Stop ‘Demonizing’ Crypto Industry Players
Nigerian Agencies Told to Stop "Demonizing" Crypto Industry Players Nigerian public and law enforcement agencies have been urged to “stop the demonization”of the bloc
Axie Infinity Game Tokens Skyrocket in Value, AXS and SLP Capture All-Time Price Highs
Axie Infinity Game Tokens Skyrocket in Value, AXS and SLP Capture All-Time Price Highs While most digital currency markets are down in value, a token called axie
Infrastructure Provider Blockdaemon Raises $155 Million With Participation of Goldman Sachs
Infrastructure Provider Blockdaemon Raises $155 Million With Participation of Goldman Sachs Blockdaemon, a blockchain infrastructure provider, has raised $155 million in its Series
Ethereum Classic 51% Attack: Okex Crypto Exchange Suffers $5.6 Million Loss, Contemplates Delisting ETC
Ethereum Classic 51% Attack: Okex Crypto Exchange Suffers $5.6 Million Loss, Contemplates Delisting ETCCryptocurrency exchange Okex reveals it suffered the $5.6 million loss as a re
Morgan Stanley Massively Increases Bitcoin Exposure Through Microstrategy
Morgan Stanley Massively Increases Bitcoin Exposure Through Microstrategy Global investment bank Morgan Stanley has increased its bitcoin exposure manyfold by in
Do Kwon Accused of Cashing out $2.7B Before UST Collapse, Terra Founder Says Allegations Are False
Do Kwon Accused of Cashing out $2.7B Before UST Collapse, Terra Founder Says Allegations Are False Terra’s new LUNA 2.0 token has lost 54% in value in the last two weeks, af
Andreessen Horowitz Launches A16z Crypto Research Lab
Andreessen Horowitz Launches A16z Crypto Research Lab A16z, also known as Andreessen Horowitz, the venture capital (VC) company that has invested millions in crypto-related project
Berkshire’s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla’s Success a Miracle
Berkshire"s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla"s Success a Miracle Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-han
Tom Mitchelhill6 hours agoEx-Cantor execs launch crypto lending platform in expectation of Bitcoin ETFsThe new platform, Tokenet, hopes to capitalize on institutional interest following the potential approval of a spot B
Grayscale Investments Plans European Expansion
Grayscale Investments Plans European Expansion Grayscale Investments, the world’s largest digital asset manager, is expanding into Europe. “We’re going to be v
Vitalik Buterin Has Suggestions for Dogecoin and Doge’s Cooperation With Ethereum
Vitalik Buterin Has Suggestions for Dogecoin and Doge"s Cooperation With Ethereum Ethereum co-founder Vitalik Buterin has some suggestions of what he personally would like to see h