Certainly one of Hong Kong’s two licensed crypto exchanges, OSL, finalizes the primary tokenized warrant transaction with UBS.
OSL Digital Securities has accomplished the primary transaction involving the UBS pilot investment-grade tokenized warrant in Hong Kong, the corporate mentioned in a press release. In line with the announcement, the pilot featured an equity-linked name warrant token issued on the Ethereum blockchain by UBS to OSL.
“We’re simulating the entire product life cycle of an equity-linked structured product token, from token mint, by simulated secondary market transactions, and eventually to token burn at maturity.”
Patrick Pan, Chairman and CEO at OSL Group.
Commenting on the transaction, Winni Cheuk, head of gross sales at UBS World Markets, mentioned that blockchain-issued warrants improve transparency in addition to scale back transaction charges, permitting for “extra versatile buying and selling hours.”
Pan added that each firms are planning to double down on use circumstances of blockchain applied sciences in an effort to leverage blockchain to open “one other new chapter in digital monetary product issuance and distribution in Asia, showcasing the transformative potential of this know-how.”
Established in 2018, OSL was the primary crypto alternate platform to obtain a digital asset buying and selling license from Hong Kong’s Securities and Futures Fee. The newest growth follows UBS’s current initiative to allow rich shoppers in Hong Kong to entry three crypto exchange-traded funds (ETFs), additional indicating the rising acceptance of digital belongings in conventional monetary markets.