Swiss bank UBS launches tokenized money market fund on Ethereum
The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain. Leading Swiss bank UBS has launched a live pilot of a tokenized version of its variable capital company (VCC) fund as part of Project Guardian, an initiative led by Singapore’s central bank. In a press release, UBS Asset Management announced that the fund is part of a broader VCC umbrella designed to bring different types of real-world assets (RWA) to the blockchain. According to Thomas Kaegi, the head of UBS Asset Management for Singapore and Southeast Asia, the project is a milestone in understanding funds token ization. Kaegi said: “Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.” UBS Asset Management launched the controlled pilot of the tokenized money market fund through the company’s in-house token ization service called UBS Tokeni...