Archax and The HBAR Foundation Tokenize BlackRock Money Market Fund
Archax, a London-based digital asset exchange, broker, and custodian, has partnered with The HBAR Foundation to extend its tokenization services to the BlackRock ICS US Treasury money market fund (MMF), marking a significant advancement in merging traditional financial assets with blockchain technology.
As the first FCA-regulated entity of its kind, Archax has previously tokenized money market funds from Abrdn, leveraging both the Hedera and Ethereum blockchains. The inclusion of BlackRock’s MMF in this online platform offers new liquidity and investment options.
Tokenization allows MMF shares to be traded on the Archax platform and connected networks, enhancing accessibility for institutional and professional clients. The initial transaction of these tokenized shares was conducted through the Ownera FinP2P digital asset network, demonstrating the real-world utility of this emerging technology in today’s market environment.
Tokenizing money market funds, such as BlackRock funds, offers several advantages. In an environment with high-interest rates, the ability to trade MMF shares quickly and safely becomes an attractive alternative.
The secondary market for such tokenized instruments provides almost instant transfers of MMF shares all day long, which can also be used for collateral movements rather than just typical buying and selling. This flexibility and efficiency are crucial as digital technologies continue to transform the financial industry.
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The collaboration between Archax, Ownera, and the use of the Hedera network plays a key role in the successful implementation of this new product. Ownera’s technology, including a Buy-Side Router, enables a broad spectrum of financial institutions, from banks to wealth managers, to smoothly interact with tokenized MMFs.
Ami Ben David, CEO, and co-founder of Ownera, emphasized the need for this integration within the framework of a global vision of the ecosystem for institutional tokenized assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
