Last year we reported that Allfunds Blockchain and Renta 4 Banco were collaborating on a fund tokenization project as part of Spain’s Regulatory Sandbox. On Tuesday, Allfunds Blockchain announced that the first orders have been successfully executed.
Spanish headquartered Allfunds is a funds distribution platform with more than €1.4 trillion ($1.56 trillion) in assets under administration and a market capitalization of almost €9 billion ($10 bn). It set up its blockchain division in 2020 and partnered with blockchain development house ConsenSys in 2021. Renta 4 is a wealth management group in Spain with €26 billion ($29.5 bn) in assets under management and administration and 110,000 clients.
“Innovation is a fundamental component of our approach to developing our offering of financial products, and especially for investment funds,” said Miguel Jaureguízar, Digital Development Director at Renta 4. “In completing the first orders of our tokenized fund, we have achieved a real breakthrough in the provision of more efficient, transparent and sustainable funds for our clients. Tokenization is undoubtedly the most relevant trend in the industry.”
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