Bybit has introduced a partnership with DigiFT to assist UBS’s USD Cash Market Funding Fund Token (UBS uMINT), the primary tokenised funding fund launched by UBS Asset Administration.
Via this partnership, Bybit will enable shares of UBS’s tokenised cash market fund, distributed through DigiFT, for use as collateral for buying and selling on its platform.
The transfer marks a step ahead in Bybit’s efforts to hyperlink conventional finance (TradFi) with the digital asset market.
The UBS uMINT, issued by UBS Asset Administration, is a cash market fund constructed on the Ethereum blockchain.
Opened to exterior traders in November 2024, the fund is distributed by means of authorised companions.
DigiFT, a licensed real-world asset (RWA) platform regulated by the Financial Authority of Singapore and the Hong Kong Securities and Futures Fee, is at present the biggest distributor of the tokenised fund by quantity.
“DigiFT is an innovator in regulated blockchain distribution,”
stated Ben Zhou, Co-Founder and CEO of Bybit.
“By working collectively, we’re opening the door for extra conventional establishments to unlock additional utility from their tokenised cash market merchandise. Via this collaboration, traders within the UBS tokenised cash market fund will have the ability to use their holdings as collateral for buying and selling in a safe and cost-efficient approach.”
Henry Zhang, Founder and Group CEO of DigiFT, stated:
“As a regulated, sensible contract-based, non-custodial RWA distributor, DigiFT’s aim has all the time been to make high quality funding merchandise out there on-chain with out compromising compliance. This partnership demonstrates how regulated RWA infrastructure can carry capital effectivity and transparency to future monetary markets.”
Featured picture credit score: Edited by Fintech Information Singapore, based mostly on picture by rawpixel.com through Freepik
This text first appeared on Fintech Information Hong Kong
