Banking Giant UBS Rolls Out Tokenized Money Market Fund on Ethereum (ETH)
The post Banking Giant UBS Rolls Out Tokenized Money Market Fund on Ethereum (ETH) appeared on BitcoinEthereumNews.com.
UBS Asset Management is unveiling its first tokenized investment fund on the leading smart contract platform Ethereum (ETH). In a statement, the global wealth manager and multinational investment bank says the UBS USD Money Market Investment Fund Token (uMINT) will be made available through authorized distribution partners. The Swiss firm with over $5.7 trillion in assets under management as of March 2024 says uMINT’s launch forms part of the broader expansion of UBS Tokenize, the banking giant’s in-house tokenization service initially focused on bonds, funds and structured products. Says UBS Asset Management Asia-Pacific co-head Thomas Kaegi, “We have seen growing investor appetite for tokenized financial assets across asset classes. Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.” Last year, UBS launched a live pilot program of a tokenized Variable Capital Company (VCC) fund in Singapore as part of an initiative to bring real-world assets on-chain. UBS said its global distributed ledger technology strategy is focused on leveraging both public and private blockchain networks to improve the issuance and distribution of funds. Financial services firm Franklin Templeton also recently launched its U.S. Government Money Fund (FOBXX), which invests in US government securities, cash and repurchase agreements, on crypto exchange Coinbase’s layer-2 chain Base. Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix   Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not…
Filed under: News - @ November 3, 2024 5:57 pm