๐จ UBER MAKES A MAJOR MOVE INTO BLOCKCHAIN!
Uber Tests Tokenized Money Market Funds on Canton Network โ A New Chapter for Institutional DeFi!
In a major development for blockchain adoption, Uber has completed a corporate treasury pilot using the Canton Network, bringing traditional financial operations closer to blockchain technology.
The pilot involved several major financial players, including HSBC, Franklin Templeton, Tradeweb and Fireblocks.
๐ WHAT HAPPENED?
Uber used HSBC Tokenized Deposits to purchase shares in a Franklin Templeton tokenized money market fund through Tradeweb.
The transactions were settled on the Canton Network using delivery-versus-payment infrastructure supported by Fireblocks.
๐ก WHY IS THIS IMPORTANT?
Traditionally, financial markets operate within specific business hours. This can make it difficult for companies to keep funds invested while maintaining access to liquidity over weekends.
Uber's pilot demonstrated that tokenized fund holdings could be partially liquidated over a weekend while the investment continued generating yield during the investment period.
๐ฅ THE BIGGER PICTURE
This development highlights how blockchain technology could improve corporate treasury management, financial settlement and institutional liquidity.
With major companies exploring tokenized financial products, the connection between traditional finance and blockchain continues to grow.
Is this a sign that institutional finance is moving toward an always-on blockchain future?
#CC #Uber #FranklinTempleton #RWA #CryptoNews
Uber Tests Tokenized Money Market Funds on Canton Network โ A New Chapter for Institutional DeFi!
In a major development for blockchain adoption, Uber has completed a corporate treasury pilot using the Canton Network, bringing traditional financial operations closer to blockchain technology.
The pilot involved several major financial players, including HSBC, Franklin Templeton, Tradeweb and Fireblocks.
๐ WHAT HAPPENED?
Uber used HSBC Tokenized Deposits to purchase shares in a Franklin Templeton tokenized money market fund through Tradeweb.
The transactions were settled on the Canton Network using delivery-versus-payment infrastructure supported by Fireblocks.
๐ก WHY IS THIS IMPORTANT?
Traditionally, financial markets operate within specific business hours. This can make it difficult for companies to keep funds invested while maintaining access to liquidity over weekends.
Uber's pilot demonstrated that tokenized fund holdings could be partially liquidated over a weekend while the investment continued generating yield during the investment period.
๐ฅ THE BIGGER PICTURE
This development highlights how blockchain technology could improve corporate treasury management, financial settlement and institutional liquidity.
With major companies exploring tokenized financial products, the connection between traditional finance and blockchain continues to grow.
Is this a sign that institutional finance is moving toward an always-on blockchain future?
#CC #Uber #FranklinTempleton #RWA #CryptoNews
