Uber Uses Blockchain to Earn Weekend Investment Yields

Uber Technologies Inc. participated in a pilot program with HSBC and Franklin Templeton to invest corporate funds using a public blockchain. The initiative allowed the company to bypass traditional banking and financial market closures to capture additional returns.

Using HSBC tokenized deposits, Uber purchased a Franklin Templeton tokenized money market fund on a Thursday and sold it on a Sunday. This blockchain-based execution enabled the company to capture an additional 1.5 days of yield by trading over the weekend, a period when traditional markets are typically closed.

The participants expect other companies to adopt this tokenized investment setup in the coming months.