Blockchain

SBI, UBS and Chainlink complete pilot for automated tokenized fund solution

Published

4 months ago

November 18, 2024

SBI Digital Markets, UBS Asset Management, and Chainlink have successfully completed a pilot program showcasing the use of smart contracts to manage tokenized funds.

The companies announced this on Nov. 18, noting that the solution brings automated tokenized fund management to the market and leverages the Chainlink (LINK) infrastructure. With this solution, users can automate their tokenized fund management processes, unlocking blockchain capabilities for the world’s $132 trillion assets under management market.

urrently, the total real-world assets on-chain represent a market of around $13.2 billion.

Solution allows for efficient scaling of tokenized funds

According to a press release, the tokenized fund pilot demonstrated how fund managers can leverage smart contracts and Chainlink’s Cross-Chain Interoperability Protocol to efficiently scale their products on-chain and across distributors.

Central to this initiative is the Digital Transfer Agent smart contract model, a novel fund administration system that utilizes multiple Chainlink oracle networks. SBI’s custodian and fund distributor successfully deployed this model to enable multi-chain subscriptions and redemptions.

As the tokenized funds industry evolves to attract the world’s top players, the demand for on-chain administration is increasing. Notably, a recent report revealed that 93% of fund services providers do not offer full automation for their data inputs and workflow processes. This lack of automation creates key bottlenecks for traditional fund operators.

However, smart contracts, oracle networks, and tokenized funds provide the asset management industry with a pathway to full automation.

“This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new on-chain financial products and lower operational costs to investors, both things they are actively looking for,” said Winston Quek, chief executive officer at SBI Digital Markets.

The solution, currently live on various blockchain testnets, will soon go to mainnet.

SBI Digital Markets, UBS Asset Management, and Chainlink announced the solution at the Singapore Fintech Festival, launching it as part of the Monetary Authority of Singapore’s ‘Project Guardian.’

This development follows a partnership between Swift, UBS Asset Management, and Chainlink aimed at bridging tokenized assets with legacy payment systems. UBS also recently unveiled a pilot for cross-border payments called “UBS Digital Cash”.

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Blockchain

Solana Hits 400B Transactions, Nearly $1T in 5 Years

Published

23 hours ago

March 17, 2025

admin

Solana, the layer-one blockchain platform, celebrated five years since the launch of its mainnet on March 16, 2020.

To celebrate the milestone, the network shared its accomplishments, which include more than 1,300 validators, nearly $1 trillion in trading volume, and over 408 billion total Solana transactions, in a post on its official X account.

https://twitter.com/solana/status/1901279678620749997?s=46&t=nznXkss3debX8JIhNzHmzw

Solana (SOL) was founded in 2017 by Anatoly Yakovenko with the goal of addressing the primary challenge facing blockchain technology. The network aims to strike the right balance between scalability, security, and decentralization.

When combined with proof-of-stake, Yakovenko’s proof-of-history system speeds up transaction processing. Solana has been able to grow while maintaining low costs as a result.

More than 254 million blocks have been generated by Solana since its mainnet went live in March 2020. Since then, the network has grown to be a major force in decentralized finance, with over $7 billion in total value locked in its protocols, according to DeFiLlama data.

Meanwhile, Solana’s stablecoin market has reached $11 billion, down from its peak of over $12.6 billion in February 2025. Similarly, its market cap, which once peaked at $127.5 billion, now stands at $65 billion.

Developer interest in Solana has also significantly increased. It surpassed Ethereum as the most popular blockchain for new developers in 2024. According to Electric Capital’s 2024 developer report, Solana attracted 7,625 new developers in the previous year, accounting for 19.5% of all new entrants in the market.

On Mar. 17, CME Group plans to introduce Solana futures contracts, subject to regulatory clearance. These futures, which are intended to assist investors in protecting themselves from price swings, indicate that Solana is becoming a more widely accepted asset in the cryptocurrency market.

Furthermore, Solana has been included in several exchange-traded funds applications, indicating its increasing mainstream acceptance and room for growth.

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Altcoins

Layer-1 Project MultiversX Continues To Top the Crypto Gaming Sector in Terms of Development Activity: Santiment

Published

2 days ago

March 16, 2025

admin

The layer-1 blockchain MultiversX (EGLD) continues to lead the digital asset gaming sector in the realm of development activity, according to the crypto analytics firm Santiment.

Santiment notes on the social media platform X that MultiversX, formerly known as Elrond, registered 212.17 notable GitHub events in the past 30 days.

The Ethereum (ETH)-based virtual reality platform Decentraland (MANA) ranks second, clocking 168.93 events, and the Ethereum layer-2 protocol Skale Network (SKL) is a distant third with 41.07.

MultiversX and Decentraland have occupied the number one and two spots in previous months as well, according to Santiment.

Santiment notes that it doesn’t count routine updates and uses a “better methodology” to collect data for GitHub events based on a “backtested process.”

The analytics firm has previously said that heavy development activity centered around a crypto project is a positive indication that could mean that the developers believe the protocol will be successful. It also indicates that the project is less likely to be an exit scam.

MultiversX is a distributed, proof-of-stake blockchain network that is decentralized via more than 3,500 nodes. The project aims to help developers build next-gen applications.

The project’s native token, EGLD, is trading at $18.10 at time of writing. The 139th-ranked crypto asset by market cap is up more than 3% in the past 24 hours.

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Blockchain

Crypto Fintech Giant MoonPay Continues Acquisition Spree With Purchase of Stablecoin Infrastructure Platform

Published

3 days ago

March 14, 2025

admin

The web3 infrastructure provider MoonPay just announced its acquisition of the stablecoin infrastructure developer Iron just months after purchasing crypto payments platform Helio.

In a statement, MoonPay says its new acquisition significantly expands its offerings with solutions that allow businesses to manage multi-currency treasuries, facilitate instant cross-border payments and generate new revenue through yield-bearing assets.

Says MoonPay’s co-founder and CEO, Ivan Soto-Wright,

“This acquisition is a strategic step forward, positioning MoonPay at the forefront of enterprise-grade stablecoin solutions. With Iron’s technology, we’re putting the power of instant, programmable payments into the hands of enterprises, fintechs, and global merchants.”

Iron co-founder and CTO Omid Aladini says that joining forces with MoonPay is also beneficial to the platform.

“Since we rolled out the Iron stablecoin API the interest has been absolutely phenomenal! But once part of MoonPay, we’ll be able to scale exponentially faster.

We’ve built a developer-first API experience to power apps, exchanges, institutions, DEXs, and PSPs around the world to move stablecoins across crypto ecosystems and fiat rails. It’s the foundational infrastructure for the future of money.”

MoonPay also acquired Helio in January. The Solana (SOL) crypto payment processor enables merchants and creators to accept cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and SOL.

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