The three companies developed financial products with Blockchain technology for four months.
The Spanish companies, Renta 4, Onyze, and Allfunds Blockchain, managed to successfully close the first tokenized investment fund, based on Blockchain technology, with which they hope to generate changes in the financial ecosystem with transparency, traceability, automation, and liquidity optimization.
The CEO of Onyze, Ángel Luis Quesada, explained the following:
“Once again the role of the custodian as the cornerstone of any development based on blockchain technology is confirmed. We hope that this project will be a fundamental first step and a turning point in the history of the financial system in Spain; we couldn’t have had better partners.”
On Twitter, Onyze posted that: “We have successfully completed the first tokenization of an investment fund in Spain. It was 4 months of work with @Renta4 and All Funds in the first Sandbox in our country. The conclusions are unbeatable for investors. Do you agree?”
Funding the Launch: Sandbox
The companies managed to launch the fund after four months of joint work within the framework of the first Sandbox supervised by the National Securities Market Commission (CNMV) and the Bank of Spain. It is one of the first projects developed (of 18) under the figure of the Sandbox with controlled tests in innovative projects for the benefit of the Spanish financial system.
In this regard, Miguel Jaureguízar, director of Digital Development at Renta 4 Banco, pointed out that:
“Innovation is a constant in our approach to financial products and especially investment funds. With tokenization we have achieved a great advance in the development of more efficient, transparent, and sustainable funds. It is, without a doubt, the most relevant trend in the industry today.”
CNMV and Bank of Spain with Sandbox Results
The Spanish bank Renta 4 operates in the fund as distributor of the tokenized fund, it will assign a liquid value and the custody of tokens will be in charge of Onyze. For its part, Allfunds Blockchain provided the Blockchain network for the tokenization and operation of funds through smart contracts, according to Bolsamanía,
Meanwhile, the supervision of the CNMV will allow you to verify the advantages of the new Blockchain investment system. The three companies concluded that with the Sandbox they were able to verify that “profound changes” can be generated in the Spanish financial ecosystem with “beneficial disintermediation” for investors and even for the very operations of the funds.
Renta 4 pointed out the following:
“As recognized by the CNMV in its final assessment: with the new Securities Markets and Investment Services Law, the modification of the MiFID II Directive, and the application of the European regulation on the DLT pilot regime, it is expected that new developments based on this project, DLT technology in the field of funds and other investment instruments. All to provide benefits to investors, entities, and the supervisor itself.”
On Twitter, Renta 4 posted that: “Renta 4, Onyze and Allfunds Blockchain successfully close the first tokenized Spanish fund in history. The first tokenization of an investment fund carried out by #Renta4, @Onyze_official and #AllFundsBlockchain has ended successfully.”
By Audy Castaneda
