Tokenisation News
UBS Asset Management has launched a pilot of a tokenized money market fund on the Ethereum blockchain. The pilot, conducted through UBS Tokenize, allows UBS Asset Management to perform various activities such as fund subscriptions and redemptions. This tokenized Variable Capital Company (VCC) fund is part of Project Guardian, an initiative led by the Monetary Authority of Singapore (MAS) to bring real-world assets onto the blockchain. UBS, a global wealth manager and major Swiss universal bank, stated that this is the “first live pilot” of its kind.
Legal News
Sam Bankman-Fried, founder and former CEO of FTX, referred to the billions of missing funds as a “rounding error.” In an interview with CBS’s 60 Minutes, biographer Michael Lewis shared Bankman-Fried’s perspective. Bankman-Fried claimed that he didn’t realize $8 billion in his private fund didn’t belong to him because it felt like an insignificant amount compared to the overall funds. Meanwhile, FTX’s former auditing firm, Prager Metis, is being sued by the US Securities and Exchange Commission (SEC) for violating auditor independence rules in their contracts with clients.
Investment News
Deus X Capital, a new crypto-focused investment firm led by Tim Grant, former head of Galaxy Digital Holdings’ European business, has been launched. With $1 billion in assets under management, capital, and stakes in various companies including Netrios and SEBA, Deus X Capital plans to invest across private equity, venture capital, venture building, and fund allocation opportunities.
Regulation News
GSR Markets Pte. Ltd., a subsidiary of GSR, has received In-Principle Approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This approval is a significant milestone in GSR’s regulatory journey and allows its Singapore subsidiary to better serve the cryptocurrency community. GSR will continue working towards obtaining a full license.
Exchange News
Turkish crypto exchange Bitay has expanded its services to crypto investors in the United Arab Emirates (UAE). The UAE, known for its high crypto adoption levels, is one of the top three countries in the Crypto Adoption Index. Bitay offers over 850 pairs and more than 350 cryptocurrencies, supporting over 20 local currencies and reaching users in over 200 countries.
Hot Take: The Latest Developments in Crypto
In recent news, UBS Asset Management has launched a pilot for a tokenized money market fund on Ethereum, while FTX founder Sam Bankman-Fried referred to missing funds as a “rounding error.” Additionally, Deus X Capital, a new crypto investment firm, has been established with $1 billion in assets under management. GSR Singapore has received In-Principle Approval from MAS for a Major Payment Institution license. Lastly, Turkish exchange Bitay has expanded its services to UAE crypto investors. These developments highlight the ongoing growth and regulation of the cryptocurrency industry.
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