The Spanish companies Renta 4, Allfunds Blockchain and Onyze have successfully completed the creation of the first Spanish tokenized investment fund based on blockchain technology.
With this fund, these companies hope to achieve changes in the financial system by providing greater traceability, transparency, automation and also optimization of liquidity.
Onyze explains that this confirms “the role of the custodian as the basis of any blockchain-based development”, also pointing out that they hope that “this project will be a first step and a turning point in the history of the Spanish financial system”.
These companies have managed to launch this fund after four months of joint work within the framework of the first Sandbox supervised by the National Securities Market Commission (CMNV) and also the Bank of Spain.
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This is the first project developed under the Sandbox model, although 18 more projects are planned. These innovative projects are being carried out through different controlled tests, all for the benefit of the Spanish financial system.
For its part, Renta 4 explains that “innovation is a constant in its approach to financial products, and especially to investment funds”, adding that “with tokenization it is possible to achieve great progress in the development of more transparent, sustainable and efficient funds”.
Renta 4 operates in the fund as distributor of the tokenized fund, assigning a liquid value, while the custody of the tokens will be handled by Onyze and Allfunds takes care of the blockchain network for the operation of funds through smart contracts and tokenization.
On the other hand, it should be noted that the supervision of the CMNV will allow this institution to verify the advantages of this new blockchain investment system. The companies that make up this agreement have concluded that with the Sandbox it has been possible to verify that it is possible to achieve profound changes in the Spanish financial ecosystem by applying a “beneficial disintermediation” for investors, entities, supervisors and also for the operation of investment funds themselves.
