It has been just revealed the fact that a banking giant just made a massive move in the crypto space. Check out the latest reports about this below.
UBS makes massive moves in the crypto space
UBS, a Swiss multinational investment bank and financial services company, is launching a pilot program called the “tokenized money market fund” on Ethereum (ETH).
According to a recent blog post by UBS Asset Management, it is the “first blockchain-native tokenized VCC fund pilot” in Singapore.
Thomas Kaegi, Head of UBS Asset Management, Singapore & Southeast Asia, stated that this initiative is a significant milestone in the tokenization of funds.
UBS’s expertise in tokenizing bonds and structured products will be utilized to work with traditional financial institutions and fintech providers to improve market liquidity and market access for clients.
According to UBS, a pilot program led by the Monetary Authority of Singapore (MAS) is using UBS Tokenize, the company’s own tokenization service.
This service enables the management of fund subscriptions and redemptions through a smart contract.
The announcement also mentions that this initiative is part of UBS’s global strategy to improve fund issuance and distribution by utilizing distributed ledger technology (DLT) on both public and private blockchain networks. UBS is expanding its tokenization services through its UBS Tokenize program.
According to the company these are other important issues that have to be mentioned:
“Following the successful launch of the first pilot transactions, UBS Asset Management will be looking to execute further live pilot use cases under Project Guardian – working with a wider set of partners and explore various investment strategies.”
In other recent news, an expert trader who accurately predicted the 2018 bear market bottom for Bitcoin (BTC) believes that the crypto king has now entered bull territory.
Going by the name Bluntz on social media platform X, this analyst has informed his 225,000 followers that BTC’s recent surge has invalidated his bearish view that the currency could decline to below $24,000 before reversing its downward trend.
Check out our previous article in order to learn more details.
