Uber Uses a Public Blockchain to Grow Its Cash on Weekends
Uber tested a new way to deploy its money even when financial markets are closed. With HSBC and Franklin Templeton, the U.S. rides‑hailing titan used a public blockchain to resell an investment on a Sunday, earning an…
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https://cryptoast.fr/uber-tresorerie-fonds-tokenise-franklin-templeton-week-end/
Uber tested a new way to make money grow, even when financial markets are closed. Thanks to a public blockchain, the American VTC giant was able to keep part of its cash invested until Sunday, instead of having to recover its funds on Friday.
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Uber bought shares in a Franklin Templeton monetary fund on Thursday, before selling them the following Sunday. These funds, which invest in short-term debt securities considered low risk, allow companies to earn interest on their cash flow.
Normally, a company that wants to get its money back over the weekend must sell its shares before the markets close on Friday. By postponing this operation to Sunday, Uber gained 1.5 days of additional interest. The amount invested and the gains made were not disclosed.
This operation was made possible thanks to tokenization, which consists of representing financial assets in the form of tokens exchangeable on a blockchain, 24 hours a day.
The test took place on Canton Network, a public blockchain designed for financial institutions, with participation from HSBC, Franklin Templeton, Fireblocks and Tradeweb Markets.
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Michael Shaulov, CEO of Fireblocks, believes that this technology could appeal to many multinationals, which have large cash reserves.
We believe many large corporations and multinationals will use this model to earn additional interest on cash that would otherwise sit idle, and I expect hundreds to begin using it in the next 18 months.
Manish Kohli, global head of payments at HSBC, says the bank is already technically ready to offer this service to its US customers.
Over time, we will look to expand the number of investment options available, in addition to Franklin Templeton.
Tokenization is gaining ground on Wall Street. David Solomon, CEO of Goldman Sachs, recently highlighted it as an important trend for financial markets.
👉 To go further ― Everything you need to know about asset tokenization
Machine-translated from French
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