OCBC Bank, a major financial services corporation in Singapore, has launched a tokenized physical gold fund. The underlying token, GOLDX, is issued on both the Ethereum and Solana blockchains.
This initiative, developed with its asset management arm Lion Global Investors and digital asset exchange DigiFT, targets institutional investors, hedge funds, and asset managers. Investors can purchase the token using stablecoins and fiat currencies. Following subscription, the token is delivered directly to investors’ digital wallets.
Kenneth Lai, head of global markets at OCBC, stated this move aligns with the bank's strategy to integrate traditional finance with decentralized finance and its broader blockchain-focused approach.
The GOLDX token provides on-chain access to the LionGlobal Singapore Physical Gold Fund. As of April 16, this fund held approximately $525 million in assets under management.
The tokenized fund aims to attract participants from the Web3 ecosystem and high-net-worth individuals active in cryptocurrency markets. OCBC has previously utilized blockchain technology, notably with its first tokenized equity-linked note in 2023.