Azvalor has announced the official launch of its first tokenised investment fund, within the regulatory sandbox of the Spanish National Securities Market Commission (CNMV). This pioneering project, developed jointly by Allfunds Blockchain and BNP Paribas’ Securities Services business acting as depositary bank and fund administrator, marks a milestone in the asset management industry by introducing an alternative distribution model for UCITS (Undertaking for Collective Investment in Transferable Securities) funds.
The fund, named Azvalor Blockchain FI, represents a structural innovation in terms of fund operational flows. The fund shares are registered and stored on a private blockchain network, using Allfunds Blockchain’s infrastructure to process the different types of transactions. Although the fund will not be open to distribution in this initial phase, this launch enables selected investors to validate new operational features.
The breakthrough of this project is the possibility to execute and settle buy-and-sell transactions in real time, which creates a radical transformation with respect to traditional models. This capability enables a faster, more transparent and efficient workflow, significantly reducing processing times and improving the investor experience. It is an important step towards a more modern and scalable architecture for the distribution of UCITS funds.
BNP Paribas’ Securities Services business, as depositary bank and fund administrator, plays an essential role in managing the operational flows, ensuring integration between traditional processes and the new mechanisms enabled by blockchain. This collaboration allows regulatory and operational standards to be maintained while exploring new ways of optimising services and market infrastructure.
This launch has been possible thanks to the controlled and supervised environment of the CNMV’s regulatory sandbox, which allows innovative entities such as Azvalor, Allfunds Blockchain and BNP Paribas’ Securities Services business to explore new ways of transforming the financial industry. The framework facilitates the validation of disruptive operating models under real conditions, accelerating the adoption of technologies that bring efficiency, transparency and scalability to the asset management market.
Azvalor comment
"Blockchain technology will significantly enhance the user experience and provide participants with new features and services. With this project, Azvalor continues to reinforce its commitment to innovation, aiming to improve service to our co‑investors.” Sergio Fernández-Pacheco, Financial and Operations Director, Azvalor Asset Management SGIIC, S.A.
Allfunds Blockchain comment
“Real-time execution and settlement of transactions on tokenised funds represent a qualitative leap in distribution infrastructure. This project demonstrates how blockchain can deliver real efficiency and new opportunities in fund operations.” Rubén Nieto, Managing Director, Allfunds Blockchain
BNP Paribas comment
“Our participation as depositary bank and fund administrator of this tokenised fund reflects our commitment to innovation and to the evolution of our services, leveraging the opportunities offered by new technologies. Real-time operational-flow management is a natural evolution toward a more dynamic and transparent model for our clients.” Soledad Lecube, Head of Spain, Securities Services, BNP Paribas
