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Abrdn Tokenizes Assets on Hedera Hashgraph (HBAR) Amid New Improvement Proposal

source-logo  cryptonews.net 12 April 2024 13:59, UTC

The UK’s largest asset manager Aberdeen Standard Investments (commonly known as Abrdn PLC) has initiated asset tokenization on Hedera Hashgraph using the DLT networks. At the same time, the EVM developers released a new proposal to improve the functionality of Hedera. By tokenizing on Hedera, Abrdn became the first major UK wealth manager to issue a tokenized security.

Abrdn PLC, in collaboration with Archax, a regulated digital asset exchange, has tokenized its assets in the Aberdeen Standard Liquidity Fund (Lux) — Sterling Fund, an Archax platform. The collaboration between Abrdn and Archax demonstrates the growing interest in digital asset tokenization and the adoption of distributed ledger technology in the financial sector. This marks a significant step forward in bridging the gap between traditional finance and the digital asset space.

Along with developments related to asset tokenization in Hedera Hashgraph, the EVM developers have introduced a new improvement proposal (HIP) for the Hedera Hashgraph network, aimed at increasing its functionality. The proposal addresses a major gap in smart contract service by allowing permissions and approvals for “hbars.” This functionality, currently available for tokens, will now extend to the network’s native cryptocurrency, HBAR.

Image: Ledger Insights