Swiss multinational funding financial institution and monetary providers firm UBS is launching a “tokenized cash market fund” pilot program on Ethereum (ETH).
In a brand new weblog submit, UBS Asset Administration pronounces what it calls the “first blockchain-native tokenized VCC fund pilot” in Singapore.
Says Thomas Kaegi, Head of UBS Asset Administration, Singapore & Southeast Asia,
“This can be a key milestone in understanding the tokenization of funds, constructing on UBS’s experience in tokenizing bonds and structured merchandise. Via this exploratory initiative, we’ll work with conventional monetary establishments and fintech suppliers to assist perceive the best way to enhance market liquidity and market entry for purchasers.”
UBS says the pilot program, led by the Financial Authority of Singapore (MAS), makes use of UBS Tokenize, the corporate’s in-house tokenization service, which permits for fund subscriptions and redemptions to be managed via a sensible contract.
The announcement goes on to state that this initiative is part of the corporate’s world technique to boost fund issuance and distribution by using distributed ledger expertise(DLT) on each private and non-private blockchain networks. The tokenization providers are being expanded by UBS via its UBS Tokenize program.
In accordance with the corporate,
“Following the profitable launch of the primary pilot transactions, UBS Asset Administration shall be trying to execute additional stay pilot use circumstances below Challenge Guardian – working with a wider set of companions and discover numerous funding methods.”
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