Allfunds Blockchain, the arm of Allfunds in the creation of digital solutions for the funds industry supported by blockchain technology, and Renta 4 Banco (‘Renta 4’), a Spanish Bank, have successfully executed the first orders of Renta 4’s new tokenised Spanish fund within the framework of Spain’s regulatory sandbox initiative.
Renta 4’s investor clients can buy shares in the new tokenized fund through a strategic partnership which leverages Allfunds blockchain’s dedicated funds technology, and digital custody provided by Onyze. Through this network, Renta 4 can offer its clients access to smart contracts that cover the complete operational cycle the tokenized fund: from issuance and distribution to settlement and registration of fund participants.
Allfunds blockchain is part of Spain’s regulatory sandbox initiative, which is supervised by the Spanish Securities and Exchange Commission (‘CNMV’). The project highlights the opportunity for the financial sector through greater collaboration between investment entities and regulators to develop innovative technology-based projects, and the potential for further creativity that this presents.
Rubén Nieto, managing director of Allfunds Blockchain, said: "Reaching this milestone is a clear demonstration of the role Allfunds plays as a leading participant in the development of Spain’s funds industry. By applying our proprietary blockchain technology to improve efficiencies in the industry, and offer new investment opportunities to market participants, we have the potential to shape the industry of the future. The age of blockchain has truly arrived.”
Miguel Jaureguízar, digital development director at Renta 4, said: "Innovation is a fundamental component of our approach to developing our offering of financial products, and especially for investment funds. In completing the first orders of our tokenized fund, we have achieved a real breakthrough in the provision of more efficient, transparent and sustainable funds for our clients. Tokenization is undoubtedly the most relevant trend in the industry; we’re proud that Renta 4 is a pioneer in its application."
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