Yesterday the Mediobanca Group announced it issued tokenized investment fund units. The issuance is operating within a Ministry for the Economy and Finance sandbox.
The tokens mirror the conventional process for issuing and redeeming units in its “Mediobanca Global Multimanager 35” UCITS fund. While transactions are logged using blockchain, the conventional transaction records are what’s valid from a legal perspective.
Nonetheless these are important steps in the path to tokenization. The tokens were issued to a select group of clients in May, and earlier this month it was extended to certain clients of CheBanca!, the bank’s wealth management brand. A wallet was provided to store the tokens.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
