CHEX surges 42% as Chintai focus efforts on RWA tokenization

CHEX, the native token of Singapore-based blockchain firm Chintai has surged 42% in the last 24 hours as it gained trending status in the U.S.

At the time of writing, CHEX was trading at $0.379 with a 24-hour trading volume of $21.9m million. The latest surge in trading volume showcases its heightened market activity.

CHEX 24-hour price chart | Source: CoinMarketCap

Chintai which specializes in the blockchain-based tokenization of real-world assets (RWAs), such as real estate and CO₂ certificates, came into inception three years ago. Their approach involves bringing tokenized RWAs to popular public blockchains like Ethereum, Solana, Avalanche, etc., using network bridges.

The firm has secured two licenses granted by the Monetary Authority of Singapore (MAS), which permit the functioning of a regulated digital asset marketplace. The licensing allows Chintai to focus on a regulated, sustainable pathway that appeals to institutional capital. This encompasses a wide array of offerings, from bonds to real estate and carbon credits, aiming to tap into a substantial market cap forecasted to reach $16 trillion by 2030.

On Feb. 8, 2024, Chintai launched an all-in-one real-world asset tokenization platform called Chintai Nexus. The application supports the full trade life cycle of real-world digital assets, such as carbon credits, utility tokens, collectibles, and alternative assets.

Chintai‘s recent developments and the launch of Chintai Nexus signify a significant step in the firm’s commitment to advancing the tokenization of real-world assets.

Building on this momentum, the investment management firm Blackrock has announced the creation of the BlackRock USD Institutional Digital Liquidity Fund in partnership with Securitize, a leading asset tokenization firm from the British Virgin Islands.

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While the specific assets the fund will hold remain undisclosed, Securitizes involvement hints at a focus on tokenizing real-world assets (RWA). The process involves representing ownership of a broad array of assets through a blockchain token, a practice gaining traction for its potential to enhance asset liquidity and efficiency.

The move follows BlackRocks foray into digital asset funds, listing a spot-based bitcoin (BTC) exchange-traded fund (ETF) in January, which amassed over $15 billion of assets under management. The company also filed for a spot ether (ETH) ETF last year.

BlackRock CEO Larry Fink said in a January interview with CNBC that BTC and ETH ETFs “are just stepping stones towards tokenization and I really do believe this is where were going to be going.”

Tokenization of real-world assets is a growing sector in the intersection of digital assets and traditional finance that involves placing traditional assets on blockchain rails in pursuit of faster settlements and increased efficiency.