India’s Decimal Point Analytics (DPA), a research and data analytics firm, has received grant funding of up to US$750,000 from The Hashgraph Association, a Switzerland-headquartered non-profit organization, to develop an asset tokenization platform on Hedera’s distributed ledger technology (DLT) network.

DPA has received approval from regulators in India to introduce tokenization products within its sandbox environment, the company said in an emailed statement shared with Forkast on Tuesday.

In collaboration with Swiss Digital Assets Institute, a training and innovation company backed by the Swiss government, DPA will receive professional support including assistance to develop regulatory compliant tokenization solutions for the financial markets in India.

Many central banks and financial institutions are also exploring the technology. Singapore’s central bank has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization. JPMorgan’s blockchain business unit Onyx also aims to bring trillions of dollars in tokenized assets to decentralized finance.