The US Securities and Exchange Commission (SEC) has approved nine new blockchain-enabled funds from asset manager WisdomTree. None of the funds track crypto assets on their own.
WisdomTree uses the Ethereum and Stellar blockchains to maintain a secondary record of ownership of traditional securities: stocks, commodities, and floating rate government bonds. The company plans to launch a mobile app in the first quarter of 2023.
“We believe that blockchain-enabled financial transactions can improve the investor experience through increased liquidity, transparency, and standardization, which is what we strive to achieve over time,” said Will Peck, Head of Digital Assets at WisdomTree.
The regulator registered the fund three months after it licensed the first WisdomTree WTSYX fund. Peck previously stated that the company is looking to create a broader experience for investors through digital funds and blockchain, especially with regards to trading and transaction settlement.
“Some blockchains allow instant settlement on a peer-to-peer basis 24/7/365. Blockchain automates the exchange of assets and is less risky than delivery versus payment (DvP),” he said.
Recently, the operator of the aviation fuel business of the state corporation Gazprom Neft, Gazpromneft-Aero, connected the airports in Omsk and Tomsk to the blockchain platform for quick refueling of aircraft.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
