Goldman Sachs | Crypto

Goldman Sachs has joined BNY Mellon to tokenize money-market fund shares on blockchain. Classes from BlackRock, Fidelity, Federated Hermes and both banks’ asset arms are available, giving real-time ownership data and a path to collateral use and instant settlement across the $7.1 trillion market.   The post Goldman Sachs and BNY Mellon Launch Tokenized Money Market Funds for Institutions appeared first on Cryptonews.

Global financial firms Goldman Sachs and BNY Mellon are working together on a tokenized money market product.

Goldman Sachs and BNY will allow institutions to access tokenized money market funds with 24/7 settlement and blockchain-based ownership tracking. Wall Street giants Goldman Sachs and BNY are preparing to offer institutional investors access to tokenized money market funds, which could unlock real-time settlement, 24/7 market access and more efficiencies across capital markets. Clients of BNY, the world’s largest custodian bank, will soon be able to invest in money market funds whose ownership is recorded directly on Goldman Sachs’ private blockchain, according to a Wednesday news release. “As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance,” said Laide Majiyagbe, global head of liquidity, financing and collateral at BNY. Read more