UBS launches tokenized fund on Ethereum
UBS, the world's largest private bank based in Switzerland, announced the launch of its first tokenized fund on the Ethereum blockchain
The world’s largest private bank, UBS, based in Switzerland, has launched its first tokenized fund UBS USD Money Market Investment Fund Token (uMINT) on the Ethereum blockchain.
According to the UBS statement published on Friday, November 1, uMINT “will provide investors with access to high-quality money market instruments based on a conservative, risk-managed framework.”
The bank seeks to take full advantage of the benefits of the blockchain for token holders, such as better issuance and distribution of funds.
The precedent for this launch is the test carried out in 2023 by UBS with the controlled pilot of a fund focused on a tokenization service, then called UBS Tokenize. Using smart contracts on Ethereum, UBS successfully carried out fund refunds and subscriptions.
M.Pino
Source: diariobitcoin
(Reference image source: Claudio Schwarz in Unsplash)
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