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1、Institutional DeFi:Navigating the LandscapeBy Stefan Grasmann(Zhlke),Christoph Hock(Union Investment),Hagen Weiss(Dentons)European Edition,June 2024Executive summaryHow to think about the imminent DeFi wave:an inside perspective,an industry survey,and a look ahead This study examines the influence o

2、f blockchain technology on financial services.For now,it remains largely confined to crypto assets like Bitcoin and Ethereum and services aimed at early adopters in the retail space.But hints of a broader change are everywhere,for example in the recent approval of Bitcoin ETFs or BlackRocks tokenise

3、d BUIDL Fund in the US.It will also affect traditional assets like bonds,stocks and fund shares.When taking a visionary look into the future of token economy,the investible universe for retail investors will widen significantly to products in the space of alternative investments,ESG-related themes a

4、nd real estate.Tech and customer needs come togetherThis suggests that we are in the calm before the storm that may end up shaking the foundations of traditional finance.We have seen it before with other technologies.Limited early adoption and widespread scepticism gives way,seemingly overnight,to a

5、 new financial landscape,leaving the unprepared in the lurch.Technologically,this incipi-ent revolution relies on the simple fact that tokens can be used to express any financial asset.But like all economic upheavals,it will ultimately be demand driven.Customers will,as they always have,seek out the

6、 best solutions on offer,looking for speed,reliability,convenience and efficiency.Tokenisation can provide all of this.It is therefore expected that financial services will be reinvented on top of this new technological foundation.From this point of view,DeFi services will cease to be a niche phenom