Polkadot

Foundation

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 <p class="is-style-lead">The Web3 Foundation, dedicated to the development of the Polkadot ecosystem, has announced a $1 million seed investment in tokenized treasury bills.</p>
 <p>In an X post on Nov. 29, 2023 the Web3 Foundation unveiled plans to put $1 million in tokenized U.S. treasury bills via Centrifuge, an institutional ecosystem for on-chain credit. With the investment, the foundation is said to become the first user of the real-world asset use-case supported and managed through the para-chain in a bit to digitize assets with blockchain technology.</p>
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    <p lang="en" dir="ltr">Web3 Foundation announces a $1M seed investment in <a rel="noopener noreferrer nofollow" title="tokenized" href="https://thebittimes.com/tag/tokenized.html">tokenized</a> <a rel="noopener noreferrer nofollow" title="treasury" href="https://thebittimes.com/tag/treasury.html">treasury</a> <a rel="noopener noreferrer nofollow" title="bills" href="https://thebittimes.com/tag/bills.html">bills</a> on @centrifuge. <br><br>We’re thrilled to lead by example as the first user of the real-world asset use-case supported and managed through the parachain. https://t.co/dIXOLkfJRL</p>— Web3 Foundation (@Web3foundation) November 29, 2023
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 <p>Web3 Foundation Chief Executive Fabian Gompf said in a blog post that the industry of <a rel="noopener noreferrer nofollow" title="tokenized" href="https://thebittimes.com/tag/tokenized.html">tokenized</a> assets has “massive potential and are steadfast in our commitment to help grow the industry and Centrifuge protocol.” Gompf noted that the $1 million investment is just a start, adding that the foundation expects to “quickly grow beyond that.”</p>
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 <p>After the news broke, Polkadot’s native cryptocurrency DOT jumped by 6% up to $5.4, bringing its market capitalization to $7.1 billion, according to CoinGecko.</p>
 <p>The race for asset tokenization is apparently just getting started as the British Financial Conduct Authority (FCA) only in late November 2023 officially granted investment managers with a permission to develop <a rel="noopener noreferrer nofollow" title="tokenized" href="https://thebittimes.com/tag/tokenized.html">tokenized</a> funds based on a blockchain as the country seeks to benefit from the global digitization trend.</p>
 <p>In early Nov. 2023, British bank HSBC also&nbsp;announced&nbsp;its latest blockchain endeavor in partnership with a Ripple-owned firm Metaco to service institutional clients with demand for real-world assets hosted on a blockchain.</p>
 <p>According to the Boston Consulting Group, the total size of illiquid asset tokenization globally is expected to hit the $16 trillion mark by 2030 given that a “large chunk of the world’s wealth today is locked in illiquid assets.”</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitfinex’s Tether tokenized bond faces investment shortfall
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/polkadot-s-web3-foundation-to-put-1m-in-u-s-tokenized-treasury-bills-dot-jumps-6-tbt72290.html">https://thebittimes.com/polkadot-s-web3-foundation-to-put-1m-in-u-s-tokenized-treasury-bills-dot-jumps-6-tbt72290.html</a></p>

Polkadot’s Web3 Foundation to put $1m in U.S. tokenized treasury bills, DOT jumps 6%

TheBitTimes

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