UBS Launches Tokenized Money Market Fund Pilot on Ethereum, $8BN was a ‘Rounding Error’ to SBF

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By BitcoinWiki News

Key Takeaways:

– UBS Asset Management launches a pilot of a tokenized money market fund on the Ethereum blockchain using UBS Tokenize.
– FTX founder Sam Bankman-Fried refers to billions of missing funds as a “rounding error” and gamifies everything.
– Prager Metis, former auditing firm for FTX, sued by the SEC for violating auditor independence rules.
– Deus X Capital, led by Tim Grant, launches with $1 billion in assets under management and stakes in various crypto companies.
– GSR Singapore receives In-Principle Approval from MAS for a Major Payment Institution license.
– Turkish crypto exchange Bitay expands services to crypto investors in the UAE, offering over 850 pairs and 350 cryptocurrencies.

1. UBS Asset Management launches pilot for tokenized money market fund on Ethereum blockchain:
UBS Asset Management has launched a pilot of a tokenized money market fund represented as a smart contract on the Ethereum blockchain. This pilot is part of a wider initiative called Project Guardian, led by the Monetary Authority of Singapore, aimed at bringing real-world assets on-chain.

2. FTX founder Sam Bankman-Fried downplays missing funds:
Sam Bankman-Fried, the founder of FTX, referred to the billions of dollars in missing funds as a “rounding error”. In an interview with 60 Minutes, biographer Michael Lewis revealed that Bankman-Fried did not know that $8 billion in funds that did not belong to him was in his private fund. Bankman-Fried claimed that he did not consider it important because he “turned everything into a game” and did not think about it.

3. FTX’s former auditing firm sued by SEC:
The US Securities and Exchange Commission (SEC) has sued Prager Metis, FTX’s former auditing firm, for violating auditor independence rules. Prager Metis included indemnification provisions in engagement letters for over 200 audits, reviews, and exams, which was deemed improper by the SEC. The violations affected 62 SEC Registrant Clients, earning Prager Metis over $3 million in fees.

4. Deus X Capital launches with $1 billion in assets:
Deus X Capital, a crypto-focused investment firm, has launched with $1 billion in assets under management. Led by Tim Grant, the former head of Galaxy Digital Holdings’ European business, Deus X Capital plans to allocate its capital across various investment opportunities including private equity, venture capital, venture building, and fund allocation.

5. GSR Singapore receives approval from MAS for Major Payment Institution license:
GSR Singapore, a subsidiary of cryptocurrency trading firm GSR, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This license will allow GSR Singapore to better serve the cryptocurrency community, and the company will be working towards obtaining a full license.

6. Bitay expands services to UAE crypto investors:
Turkish crypto exchange Bitay has expanded its services to crypto investors in the United Arab Emirates (UAE). The UAE is recognized as one of the top countries in crypto adoption, and Bitay aims to cater to this growing market. The exchange offers a wide range of cryptocurrencies and supports over 20 local currencies, extending its reach to over 200 countries.

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