Coinbase Asset Management’s Anthony Bassili says the Bitcoin Yield Fund’s tokenized share class checks “identity and eligibility at the token level” for compliance.
Coinbase has brought its Bitcoin Yield Fund onto its Base blockchain, §launching a tokenized share class for the fund with financial services firm Apex Group.
Apex said in a statement on Thursday that the tokenized share class of Coinbase Asset Management’s fund “is set up to interact with compatible platforms, wallets, and infrastructure without compromising compliance.”
Coinbase Asset Management president Anthony Bassili said that the share class integrates “identity and eligibility at the token level” for regulatory compliance.
Financial institutions have been tokenizing stocks, bonds, funds, commodities and real estate on the blockchain in search of lower costs, faster settlement and round-the-clock trading.
Asset managers like BlackRock, Fidelity Investments and Franklin Templeton have already launched tokenized funds on-chain.
Apex enables institutions to access ERC‑3643 tokens
The tokenized share class of Coinbase’s fund, which offers exposure to Bitcoin (BTC) and yield, will be available on Base only to institutional and accredited investors outside of the US.
The share class uses the ERC‑3643 permissioned token standard to ensure only eligible investors have access to the Bitcoin yield product.
Coinbase plans to launch a tokenized Coinbase Bitcoin Yield Fund share class for U.S. investors in the future.
Related: SEC gives approval for Nasdaq to trial tokenized trading
Apex acts as the on-chain transfer agent for the tokenized Coinbase Bitcoin Yield Fund and is tasked with managing token ownership, enforcing compliance and transfer policies, and maintaining a record of transactions on the Base blockchain.
Coinbase launched outside the US the Coinbase Bitcoin Yield Fund version in April and the US version in October.
The non-US version aims for a 4% to 8% annual return on Bitcoin. Coinbase said at the time that it launched the product to address Bitcoin’s inability to generate native income, unlike proof-of-stake assets such as Ether (ETH) and Solana (SOL).
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