Crypto Daily™5 minutes ago

Published on October 03, 2023 06:07 GMT+00:00edited on October 03, 2023 06:09 GMT+00:00

Leading Swiss bank UBS has embarked on a live pilot of a tokenized version of its Variable Capital Company (VCC) fund, as part of an initiative called Project Guardian, led by Singapore's central bank.

The move, which brings real-world assets onto the blockchain, signifies a milestone in understanding fund tokenization, according to Thomas Kaegi, the head of UBS Asset Management for Singapore and Southeast Asia. Kaegi highlighted the importance of working with traditional financial institutions and fintech providers to enhance market liquidity and market access for clients.

"This is a key milestone in understanding the tokenization of funds, building on UBS’s expertise in tokenizing bonds and structured products. Through this exploratory initiative, we will work with traditional …