Uber has taken part in a blockchain-based investment pilot involving HSBC, Franklin Templeton and other institutions, according to Bloomberg, as cited by Odaily. In the test, the ride-hailing company used HSBC tokenized deposits to buy a tokenized money market fund issued by Franklin Templeton on Thursday and sold it on Sunday, capturing an extra 1.5 days of yield. The setup allowed investment and settlement to take place on a public blockchain, removing the need for companies to liquidate assets before banks and markets close on Friday under the traditional model. Tradeweb and Fireblocks were also involved in the pilot, while Canton Network provided liquidity and settlement. The report said companies are looking for ways to improve returns on treasury management while reducing reliance on overdraft lines and credit facilities. Fireblocks CEO Michael Shaulov said he expects hundreds of large companies to adopt this model over the next 18 months. HSBC said the pilot had validated the technology and that the service is now ready to be offered and scaled to other clients.
Uber has joined a blockchain investment pilot involving HSBC, Franklin Templeton and other institutions, according to Bloomberg as cited by Odaily.
In the pilot, Uber used HSBC tokenized deposits to buy a tokenized money market fund issued by Franklin Templeton on Thursday and sold it on Sunday, gaining an additional 1.5 days of yield.
The model uses a public blockchain for investment and settlement, allowing companies to avoid selling assets before banks and markets close on Friday under the traditional process.
The pilot also involved Tradeweb and Fireblocks, with liquidity and settlement provided by Canton Network.
The report said companies are seeking to improve returns on cash management while cutting reliance on overdraft facilities and credit lines.
Fireblocks Chief Executive Officer Michael Shaulov said he expects hundreds of large companies to adopt the model over the next 18 months.
HSBC said the pilot had validated the technology and that the related service is ready to be rolled out and expanded to other clients.
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