The post UBS rolls out the first Ethereum-based tokenized investment fund uMINT appeared on BitcoinEthereumNews.com.

United Bank of Switzerland (UBS) has accomplished yet another achievement after launching the world’s first cross-border repo transaction. This time, UBS has created its first tokenized money market fund globally.  According to reports, the UBS product is a money market investment fund, and the UBS USD Money Market Investment Fund Token (uMINT) is based on Ethereum distributed ledger technology (DLT). UBS’s uMINT and what it has to offer The main function of asset tokenization is to offer liquidity. UBS plans to begin uMINT in Singapore. Over time, Singapore has proven to be Asia’s crypto hub. Innovation and tech-forward strategies are rising and fast evolving in Singapore. The Co-Head of Asia Pacific at UBS Asset Management, Thomas Kaegi, said, “We have observed growing investor demand for tokenized financial assets across asset classes. By leveraging UBS’s global capabilities and collaborating with peers and regulators, we are now able to offer this innovative solution to our clients.” With the growing demand for digital finance solutions, UBS pointed out that the fund will provide investors with an institutional-grade cash management solution with controlled risk, supporting high-quality money market instruments. Why Ethereum Blockchain technology Ethereum blockchain technology is different from existing financial networks because it is open and programmable, operates without a central authority, and enables developers to offer new models for payments, investing, lending, and trading. The fund aligns with a broader strategy for using blockchain technology to enhance traditional financial services. The firm is increasingly investing in both public and private blockchain networks, which support fund issuance, distribution, and real-time settlements. Ethereum blockchain technology also offers accessibility and transparency. UBS explained that it is putting investors in control and ensuring they are not dependent on a single technology framework. Being blockchain agnostic means UBS Tokenize’s open architecture seamlessly integrates into the existing systems…

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Filed under: News - @ November 1, 2024 4:25 pm