Fund administration firm Apex Group said its Maltese arm has tokenized the shares of a fund representing an interest in gold bars. The company has been active in tokenization for three years, since it acquired FundAdminChain, with this particular tokenization using the Polygon blockchain.
Lake Geneva Investment Management is the asset manager (AUM $ 1.5bn), with the gold held by a Swiss custodian and the multi-class mutual fund domiciled in the Cayman Islands. Only professional investors can buy the fund shares.
Gold is increasingly popular as a tokenized asset, with HSBC tokenizing it for both professional and retail investors, and UBS recently conducting trials on a layer 2 public blockchain. Stablecoin issuers Paxos and Tether issue gold coins with a combined market capitalization of almost $1.5 billion. But neither are issued via funds.
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