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UBS’ Tokenized Cash Market Fund Goes Reside on Ethereum Blockchain

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Source: YouTube/UBSMain Swiss asset management monetary institution UBS has announced the debut of its first are residing pilot of a tokenized Variable Capital Company (VCC) fund on the Ethereum blockchain in Singapore. 

Within the published press birth, the firm stated that the cash market fund is allotment of a wider VCC umbrella constructed to combine diverse valid-world sources into the blockchain. 

The united statespilot is allotment of Venture Guardian, a collaborative industry initiative to tokenize valid-world sources. It is controlled by the Monetary Authority of Singapore (MAS), the city-recount’s central monetary institution and monetary watchdog.

The VCC fund represents a factual entity for investment funds in Singapore, firstly launched in January 2020 to solidify the city-recount’s enviornment as a hub for fund management operations. 

Thomas Kaegi, the Head of UBS Asset Management for Singapore and Southeast Asia, highlighted that the initiating of the are residing VCC marks a well-known milestone within the exploration of fund tokenization.

He also expressed the firm’s commitment to partnering with ragged monetary establishments and fintech providers to red meat up market accessibility for shoppers.

These collaborations will contribute to gaining insights into bettering market liquidity for their customers.

Constant with the public announcement, the asset management monetary institution rolled out the controlled pilot of the tokenized cash market fund via its in-home tokenization carrier dubbed ‘UBS Tokenize.’ 

Through neat contracts deployed on the Ethereum public blockchain, the are residing pilot enables the firm to job diverse actions similar to subscriptions and redemptions. 

UBS’s Entry Into the Tokenization House Would possibly perchance perchance Propel More DivulgeFollowing the a success rollout of UBS’s first pilot transactions, the asset management firm intends to expand its choices below Venture Guardian and decide in partnerships though-provoking diverse investment solutions.

However, the firm has already made well-known strides in opposition to exploring doable decentralized finance (DeFi) exercise cases via tokenization services. 

On November 3, UBS launched the sector’s first digital bond to be traded on public markets. This modified into once followed carefully by an issued $50 million tokenized mounted fee conceal in December.

On June 9, the united statesTokenize platform modified into once aged in Hong Kong to misfortune digital structured notes by the Monetary institution of China Investment (BOCI), which amounted to CNH 200 million ($27.3M). 

These tokenized notes had been created and deployed on the Ethereum blockchain. 

Though somewhat new, UBS tokenized carrier and VCC fund can reshape the digital asset landscape and the broader monetary system within the approaching years.

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