Swiss multinational funding financial institution and monetary companies firm UBS is launching a “tokenized cash market fund” pilot program on Ethereum (ETH).
In a brand new weblog submit, UBS Asset Administration proclaims what it calls the “first blockchain-native tokenized VCC fund pilot” in Singapore.
Says Thomas Kaegi, Head of UBS Asset Administration, Singapore & Southeast Asia,
“It is a key milestone in understanding the tokenization of funds, constructing on UBS’s experience in tokenizing bonds and structured merchandise. By way of this exploratory initiative, we are going to work with conventional monetary establishments and fintech suppliers to assist perceive how one can enhance market liquidity and market entry for shoppers.”
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 by way of 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 know-how(DLT) on each private and non-private blockchain networks. The tokenization companies are being expanded by UBS by way of its UBS Tokenize program.
In accordance with the corporate,
“Following the profitable launch of the primary pilot transactions, UBS Asset Administration will probably be trying to execute additional reside pilot use circumstances beneath Venture Guardian – working with a wider set of companions and discover numerous funding methods.”
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