Hang Feng Technology Innovation Co., Ltd. (NASDAQ: FOFO), a Cayman Islands holding company providing corporate management consulting and asset management services, and Animoca Brands, a global enabler of Web3 and digital property rights, announced that they entered into a “non-binding” memorandum of understanding for a partnership in order to drive the development of Hang Feng’s real-world asset tokenization ecosystem.
The collab will leverage Hang Feng’s expertise in asset management and institutional client networks along with Animoca’s blockchain capabilities and its on-chain vault marketplace, NUVA, a “unified and chain-agnostic vault marketplace (NUVA), to distribute the Hang Feng’s tokenized RWA.”
Under the proposed partnership, the firms are set to create a vault that will reportedly be backed by Hang Feng’s RWA on the NUVA platform.
The collab will focus on enabling the institutional adoption of RWAs by exploring opportunities to tokenize assets “managed by Hang Feng and provide its client base with access to NUVA’s infrastructure.”
The partnership follows a collab between Animoca Brands and ProvLabs to launch NUVA.
NUVA is an on-chain marketplace that will offer a “set of vaults from asset issuers, and is expected to play a role in accelerating the integration of RWA products with the digital asset ecosystem.”
Leo Xu, Chief Executive Officer of Hang Feng, said that after their listing on Nasdaq and the launch of their new RWA business initiative, this proposed partnership with Animoca will be “a key step in our strategy, aiming to redefine the future of asset management through blockchain innovation.
Xu further noted that they’re eager to collaborate with a global Web3 enabler to transform interests in their fund-of-funds portfolios “into dynamic, tokenized assets.”
They also stated that by uniting their institutional expertise and network with Animoca’s technological vision, they believe they’ll be “positioned to develop a broader ecosystem and enhance their market presence.”
They believe that this “proposed collab will breathe life into institutional-grade assets, making them more fluid, inclusive, efficient and aligned with the digital future.”
Evan Auyang, Group President of Animoca Brands, added that their proposed partnership with Hang Feng Technology Innovation will “connect institutional assets with on-chain distribution.”
Auyang also mentioned that together, they will aim to make institutional-grade assets more liquid and accessible “as a necessary step toward a more inclusive on-chain financial system.”