Ethereum

Bank AI

MN Coin

<div class="cryptonews"> 
 <p class="is-style-lead">UBS Group AG, financial holding company, announced the <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of a <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> project to <a rel="noopener noreferrer nofollow" title="tokenize" href="https://thebittimes.com/tag/tokenize.html">tokenize</a>d money market fund. </p> 
 <p>Money market funds are investment products focused on short-term investments. UBS believes that their tokenization will increase liquidity and attract more potential clients. The test will take place on the UBS Tokenize platform, developed on the Ethereum blockchain.</p> 
 <p>The bank’s <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> is part of&nbsp;Project Guardian, a joint initiative between the Monetary Authority of Singapore and the Japan Financial Services Authority.</p> 
 <blockquote class="wp-block-quote"> 
  <p>&nbsp;“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.”</p> <cite>Thomas Kaegi, Head of UBS Asset Management, Singapore &amp; Southeast Asia</cite> 
 </blockquote> 
 <p>As part of the project, the UBS Asset Management division successfully redeemed a <a rel="noopener noreferrer nofollow" title="tokenize" href="https://thebittimes.com/tag/tokenize.html">tokenize</a>d fund in the smart contract format. In the future, more contractors will be involved in the project, the organization emphasized.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> BIS and central banks of France, Singapore, and Switzerland wrap up CBDC project 
 </div> 
 <p>The <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> will take place on the UBS Tokenize platform, developed on the basis of Ethereum (ETH). Notably, the platform took part in the Bank of China counterparty’s initiative to issue <a rel="noopener noreferrer nofollow" title="tokenize" href="https://thebittimes.com/tag/tokenize.html">tokenize</a>d notes for $28 million.</p> 
 <p>The Bank of International Settlements (BIS) believes that tokenization can significantly expand the capabilities of the financial system through new ways of conducting transactions and payments. However, cryptocurrency and decentralized finance (defi), which opened up the prospects of tokenization, will not become the “money of the future” due to critical defects in the system.</p> 
 <p>Despite attempts to develop tokenization, this area is still very “fragmented” and “detached from the traditional financial system.” The reason is that projects aimed at tokenization do not integrate with the digital national currency.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Exclusive interview with Dr. Yifeng Tian, tokenization scientist 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ubs-asset-management-launches-pilot-of-tokenized-fund-tbt64840.html">https://thebittimes.com/ubs-asset-management-launches-pilot-of-tokenized-fund-tbt64840.html</a></p>

UBS Asset Management launches pilot of tokenized fund

TheBitTimes

Other articles published on Oct 2, 2023

FTX’s Bankman-Fried contemplated paying Trump $5b not to run for president

Altcoins Are Poised For A Bullish October: Predicts Trader

Several Ether Futures ETFs Go Live Including VanEck’s

Coinbase Receives Full Operating License in Singapore

Grayscale Submits Application to SEC to Transform Its Ethereum Trust into a Spot Ethereum ETF

Improving Usability and Regulation to Unlock DeFi Adoption

Join our free newsletter for daily crypto updates!