According to Odaily Planet Daily, the innovative RWA platform CycleX announced a strategic partnership with Singapore Star Art Technology Innovation Fund to jointly launch a $1.5 billion tokenized art fund. The first phase of the issuance is about $15 million, which is planned to be issued through IEO and is expected to be launched within one month after the announcement.
Partners include well-known auction houses such as Guardian, Sotheby's, Christie's, Poly International, Kuangshi, Hanhai, Rongbaozhai, Duoyunxuan, etc. Ping An Insurance will provide insurance services, and Standard Chartered Bank will serve as a custodian. The premium from the auction will be used to provide liquidity for the fund to ensure its operation and sustainable development.
Early participants will enjoy the benefits of the art auction, including the auction price and premium. The CycleX platform will provide professional liquidity management services to ensure market liquidity and asset value stability.