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 have released a new proposal to improve the functionality of Hedera. By tokenizing on Hedera, Abrdn became the first major British asset manager to issue a tokenized security.
Abrdn PLC, in partnership with Archax, a regulated digital asset exchange, has tokenized its assets into the Aberdeen Standard Liquidity Fund (Lux) – Sterling Fund, an Archax platform. The collaboration between Abrdn and Archax demonstrates the growing interest in tokenization of digital assets 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 the developments in 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: General ledger insights