The fund was registered in the regulatory sandbox of the Spanish Securities Market Commission. For participants, investing in the fund will be the same as in a traditional fund. BBVA Asset Management, the asset management arm of the Spanish banking giant, launched a tokenized fixed income investment fund known as BBVA Token Renta Fija Corto Termo. This move marks a milestone in applying the technology inherent to Bitcoin in asset management. As reported by the entity, the fund was registered in the regulatory sandbox of the National Securities Market Commission (CNMV) of Spain, an environment that allows Controlled testing of new technologies and business models under strict regulatory supervision.
This pilot project uses the Allfunds Blockchain network, a private blockchain, where BBVA Asset Management acts as both manager and marketer. For investors, the experience of investing in this fund is no different from that of a traditional fund. However, the innovation lies in the management and registration of subscription and redemption orders, which are processed in the distributed network. This implies that each transaction is recorded on the Allfunds Blockchain, using 'smart contracts' and specific nodes. Belén Blanco, executive director of BBVA Asset Management Europe, commented that the project “marks an important step towards the adoption of a technology with broad transformative potential in asset management, starting in a controlled and regulated environment that will allow BBVA AM to explore its benefits in a secure and scalable way.” Since this is a pilot project, the fund is not open to the general public. Your marketing is limited exclusively to BBVA AM employeesthus allowing practical research into the implementation of the technology inherent to Bitcoin in asset management. The CNMV regulatory sandbox, together with the Bank of Spain and the General Directorate of Insurance and Pension Funds, supervises these tests to ensure that regulations are met and new technological opportunities are explored safely. BBVA is not new to the cryptocurrency space. Recently, the bank announced its collaboration with Visa to launch its own stablecoin, a digital currency backed by traditional assets, as reported by BitcoinDynamic. In addition, BBVA is preparing to offer services related to Bitcoin, in line with the entry into force of the Cryptoasset Market Act (MiCA) in Europe, which indicates a growing interest from the bank in integrating cryptocurrency technology into its operations.
This article was created using artificial intelligence and edited by a human Editor.