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UBS Asset Management Announces Tokenized Fund on Ethereum Network

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icon 03/10/23
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UBS Asset Management Announces Tokenized Fund on Ethereum Network

On October 2, investment manager UBS Asset Management announced the launch of its first blockchain-native tokenized variable capital company (VCC) fund pilot in Singapore, being part of an initiative led by the apex bank in Singapore, called Project Guardian.

The firm’s official press release revealed that the fund is part of a wider VCC umbrella focused on bringing a variety of “real world assets” on-chain. They used the investment manager’s in-house tokenization service called UBS Tokenize to launch a controlled pilot of a tokenized money market fund.

The pilot represents a smart contract on the Ethereum public blockchain, thereby facilitating the firm’s ability to engage in a variety of activities including fund subscriptions and redemptions.

The firm came up with an international distributed ledger technology strategy and the pilot is part of it, with a focus on leveraging public and private blockchains networks to enhance fund issuance and distribution. Likewise, it is part of the plans to use UBS Tokenize to achieve wide expansion of the firm’s tokenization services.

After launching the first pilot transactions, UBS Asset Management plans to carry out further live pilot use cases under the project by collaborating with more partners and exploring various investment strategies.

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