Asset management firm Azvalor has launched Azvalor Blockchain FI, its first tokenised investment fund. Initiated under the Spanish National Securities Market Commission (CNMV) regulatory sandbox, the project introduces an alternative distribution model for UCITS funds.
The launch represented “a structural innovation in terms of fund operational flows”, states BNP Paribas’ Securities Services in a press release. The French bank acted as depository bank and fund administrator. The fund shares were registered and stored on a private blockchain while co-developer Allfunds Blockchain provided the infrastructure for processing the different types of transactions.
Although this experiment was part of the early phase of development and the fund will not be distributed, it was a gateway for selected investors to validate new operational features. The project proved the feasibility of executing and settling buy-and-sell transactions in real time, enabling a faster, more transparent, and efficient workflow.
Rubén Nieto, managing director of Allfunds Blockchain says, “Real‑time execution and settlement of transactions on tokenised funds represent a qualitative leap in distribution infrastructure.” The success of the launch marked a step towards a more scalable architecture for distributing UCITS funds.
