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Renta 4, Onyze and Allfunds Blockchain successfully close first Spanish tokenized fund | Crypto Plaza



The first-ever tokenization of an investment fund carried out by Renta4, Onyze and AllFunds Blockchain was successfully completed after the closing of the fund. After four months of joint work under Spain’s first regulatory sandbox, the funds of the tokenized units have been liquidated and the unanimous assessment is very positive.

Following the development of the project, the three entities believe that blockchain technology can generate profound changes in the financial ecosystem, providing transparency, traceability, improved liquidity, greater automation and disintermediation, benefiting mainly investors but also the operation of the funds themselves.

Miguel JaureguízarRenta 4 Banco’s director of digital development and head of Renta 4 Digital Assets, comments, “Innovation is a constant in our approach to financial products and investment funds in particular. With tokenization, we are making great progress in developing more efficient, transparent and sustainable funds. It is undoubtedly the most relevant trend in the industry today.

Thus, this is one of the first fully developed and successfully completed projects out of the total of 18 that entered the second phase of the first cohort. The Regulatory Sandbox initiative aims to carry out supervisory-controlled testing of innovative projects with a possible impact on the Spanish financial system in order to have adequate tools and facilitate innovation in Spain.

Each of the three institutions contributed different resources to the project, which were essential to the success of the initiative; Allfunds Blockchain provided the blockchain technology and network. needed for tokenization and management of investment funds through its smart contracts solution. Renta 4 Banco acts as the distributor of the tokenized fund, while Renta 4 Gestora issued the tokenized fund and allocates its net asset value.

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Custody of the project tokens was carried out by. Onyze, the first next-generation cryptocurrency custodian in Spain.. “Once again the role of the custodian is confirmed as the cornerstone of any development based on blockchain technology,” says Onyze CEO, Angel Luis Quesada.
“We hope that this project is a fundamental first step and a turning point in the history of the financial system in Spain; we could not have had better partners,” Quesada says.

As the CNMV acknowledges in its final assessment: with the new law on securities markets and investment services, the amendment of MiFID II and the implementation of the European regulation on the DLT pilot project, it is expected that new developments based on this project, DLT technology in the field of funds and other investment instruments will emerge. All to the benefit of investors, institutions and the supervisory authority itself.

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