After experiments last year, UBS renewed its interest in Ethereum (ETH) by launching a new tokenized fund on this blockchain. What does it consist of?
UBS unveils its new fund built on Ethereum
Last year, UBS conducted an experimental project with the Monetary Authority of Singapore (MAS) by launching an experimental fund on Ethereum (ETH). This week, the famous bank announced that it was moving up a gear, by officially deploying a new fund, still on Ethereum, called UBS USD Money Market Investment Fund Token (uMINT).
💡 How to easily invest in Ethereum ETH?
As its name suggests, this is a monetary fund, like what BlackRock can, for example, offer with its BUILD tokenized fund.
Thomas Kaegi, co-head of the Asia-Pacific division of UBS Asset Management, highlights growing interest from investors:
We have seen a growing investor appetite for tokenized financial assets across all asset classes. By leveraging our global capabilities and collaborating with our peers and regulators, we can now offer our customers an innovative solution.
Binance: the benchmark crypto exchange platform
Thus, this novelty reaffirms the bank's interest in blockchain technologies, particularly through its UBS Tokenize branch. In June 2023, the latter tokenized 200 million Chinese yuan of structured notes for a third-party issuer, while in November of the same year, it completed the world's first cross-border redemption of a bond tokenized on a public blockchain.
With nearly $100 million in market capitalizationUBS today has $5.7 trillion in assets under management. For its part, ETH has lost 1.84% in the last 24 hours, and is now trading at $2,454 at the time of writing.
👉 In Ethereum news — Towards an improvement in the security of the Ethereum (ETH) blockchain? Vitalik Buterin reveals his new ideas
If the asset seems to have suffered a decline in popularity in recent months, we should note, however, that it retains the confidence of institutional investors, as evidenced by BlackRock's BUILD and its $533.5 million. Where layer 2 may be preferred by the general public, particularly for transaction fees, these remain negligible when such amounts are at stake.
Open an account on N26, the crypto-friendly bank
Source: UBS
The #1 Crypto Newsletter 🍞
Receive a summary of crypto news every day by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to cryptoassets are risky by nature, readers should do their own research before taking any action and only invest within their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
1419 items
