Uber Joins Blockchain Investment Pilot with HSBC, Franklin Templeton and Other Institutions

TechFlow reported on October 30 that, according to Bloomberg, Uber participated in a blockchain corporate treasury investment pilot, using HSBC tokenized deposits to buy Franklin Templeton's tokenized money market fund on Thursday and sell it on Sunday. Compared with the traditional approach of exiting investments on Friday before banks and markets close for the weekend, the trade allowed it to earn about 1.5 additional days of yield.

The pilot was conducted by HSBC in collaboration with Franklin Templeton, Tradeweb and Fireblocks, using Canton Network to provide liquidity and settlement. Fireblocks CEO Michael Shaulov said that companies have large amounts of idle cash between payments, and that the model can increase interest income while maintaining fund availability. He expects hundreds of companies to begin adopting the model over the next 18 months.

Source: TechFlow