OCBC Bank Launches Tokenized Gold Fund on Ethereum and Solana
Singapore’s OCBC launches tokenized gold fund on Ethereum and Solana
Cointelegraph
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OCBC Bank, one of Singapore's largest financial institutions, has introduced a tokenized physical gold fund called GOLDX, issued on Ethereum and Solana. Targeting institutional investors, the fund aims to bridge traditional finance with decentralized finance, reflecting a growing trend in tokenized real-world assets.
- 01OCBC Bank has launched a tokenized gold fund named GOLDX on Ethereum and Solana.
- 02The fund targets institutional investors, hedge funds, and asset managers.
- 03GOLDX provides on-chain exposure to the LionGlobal Singapore Physical Gold Fund.
- 04The value of tokenized assets on public blockchains has risen to over $29 billion.
- 05This initiative aligns with OCBC's strategy to integrate blockchain technology into financial services.
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OCBC Bank, a leading financial institution in Singapore, has launched a tokenized physical gold fund named GOLDX, which is issued on both Ethereum and Solana blockchains. This initiative, developed in collaboration with Lion Global Investors and DigiFT, is designed for institutional investors, hedge funds, and asset managers, allowing transactions with both stablecoins and fiat currencies. After subscription, tokens are delivered directly to investors' blockchain wallets. Kenneth Lai, head of global markets at OCBC, emphasized that this launch is a significant step in their blockchain-focused strategy, aiming to merge traditional finance with decentralized finance. The GOLDX token is linked to the LionGlobal Singapore Physical Gold Fund, which had approximately $525 million (about 669 million Singapore dollars) in assets under management as of April 16. The rise of tokenized real-world assets on public blockchains has been notable, reaching over $29 billion in value, reflecting a 10% increase over the past month. This fund aims to attract participants from the Web3 ecosystem and high-net-worth individuals involved in blockchain and cryptocurrency.
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The launch of the GOLDX token could enhance investment options for institutional investors in Singapore, providing them with a new avenue to invest in gold through digital assets.
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