CACEIS has enabled clients to subscribe into the first French UCITS money-market funds with units natively issued and delivered on Ethereum’s public blockchain. These tens of millions of euros in investments, mark the launch of CACEIS' new custody architecture for tokenised financial instruments and crypto-assets.
Spiko, a pioneering French fintech known for its blockchain-based fund unit tokenisation solution, and Twenty First Capital, manager of the Spiko SICAV, have chosen CACEIS to act as depositary and custodian of their tokenised money-market funds. Custody of the investors’ units on the blockchain is performed using secure wallets that CACEIS, as custodian, makes available to clients. This tokenisation of a retail money-market fund with units issued on a public blockchain is the first of its kind in Europe.
This innovation paves the way in Europe for a transformation of the distribution and custody landscape of tokenised fund shares using this framework that is governed by a fully-regulated and secure process.
Future developments will permit investors to pay for the subscriptions and receive the redemption proceeds directly on the blockchain with the integration of stablecoins, tokenised deposits, and over a longer horizon, digital currencies issued by central banks.
Paul-Adrien Hyppolite, co-founder and CEO of Spiko, stated, "With CACEIS' offer, we now bring investors a cutting-edge technology solution for custody of shares in the first tokenised money-market UCITS on Ethereum’s public blockchain. This market-leading initiative marks a turning point in the development of tokenised funds."
Laurent Majchrzak, Group Head of Digital Assets at CACEIS, added "These first transactions validate CACEIS' choice of technology architecture and the robustness of our digital asset custody service. Clients are now able to invest in digital assets with the same level of security and reliability as enjoyed by traditional assets. We are doing everything we can to support clients during the initial stages of working with the blockchain.”
