Futu Group (FUTU.US) announced today (22) that it has reached a long-term strategic cooperation in Web 3.0 with asset management company Huaxia Fund (Hong Kong). Futu will launch Huaxia Fund (Hong Kong)'s tokenized money market fund products on the 'Futu Niuniu' App as an exclusive brokerage, covering three major currencies: 'Hong Kong Dollar, Renminbi, US Dollar'; both parties will explore 'on-chain' and 'off-chain' dual-track subscription and redemption mechanisms, as well as 24/7 'on-chain trading' in the future.
According to an official statement, Huaxia Fund (Hong Kong) has utilized blockchain technology to create a series of efficient, transparent, and compliant tokenized money market fund products, and will work with Futu to explore directly realizing 'on-chain' subscriptions and redemptions for related products through compliant cryptocurrency exchanges.
Futu stated that its licensed exchange will prioritize supporting the launch of Huaxia Fund (Hong Kong) related products in the future, further exploring 24/7 'on-chain trading' based on 'on-chain subscriptions and redemptions', addressing the pain point of instant redemptions not being possible for money market fund products in 'off-chain' scenarios, and enhancing the liquidity and attractiveness of 'on-chain' product shares.
Futu Group's Managing Director, Zeng Yuchao, stated: "As the virtual asset regulatory framework in Hong Kong becomes increasingly refined, market attention to emerging assets continues to rise. We believe that the application scenarios for tokenization of real-world assets (RWA) will soon welcome broad expansion opportunities."
Futu has been actively promoting innovation and application in financial investment, facilitating the integration of traditional financial assets and virtual assets. The establishment of a long-term partnership with Huaxia Fund (Hong Kong) marks a new milestone for Futu in the field of Web 3.0 and conveys Futu's earnest desire to collaborate with the industry to build a Web 3.0 ecosystem in Hong Kong and strengthen Hong Kong's innovative leadership position as an international financial center.
The CEO of Huaxia Fund (Hong Kong), Gan Tian, stated: "In recent years, the Hong Kong government has been committed to building a global Web 3.0 hub, establishing a new financial ecosystem of 'tokenized currency + assets' through three sandbox projects: digital Hong Kong dollars, tokenized deposits, and stablecoins."
As the only asset management company participating in the three major sandboxes of the Hong Kong Monetary Authority, we have been following the government's lead and standing at the forefront of the Web 3.0-driven financial tokenization revolution. We look forward to deepening cooperation with strategic partners like Futu, collaborating on innovation, and injecting new momentum into the internationalization of the Renminbi through compliant financial practices in Hong Kong's Web 3.0, reconstructing the foundational framework of the international financial system.
Looking to the future, Futu stated that it will continue to build a one-stop investment platform, supporting investors to seamlessly allocate traditional financial assets, tokenized assets (RWA), and more on-chain native assets using fiat currency and stablecoins.
"Futu and Huaxia Fund (Hong Kong) have reached a strategic cooperation in Web 3.0 and will launch a series of 'tokenized money market funds'" This article was first published on (Block Beast).
