Goldman Sachs and BNY Launch Tokenized Money Funds
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Goldman Sachs, BNY launch tokenized funds for faster, secure global settlements. Clients soon invest in money funds using Goldman’s private blockchain system. Big finance explores tokenization with BlackRock, Fidelity joining this first phase. The two Wall Street giants, Goldman Sachs and BNY, have announced a new plan to offer tokenized money market funds. This has the potential to introduce quicker settlements, 24-hour trading, and new standards of efficiency in the financial world. Clients Can Buy Money Funds on New Private Blockchain In a statement issued on Wednesday, the clients of BNY will soon be allowed to invest in these money market funds through a custom private blockchain developed by Goldman Sachs. It implies that ownership records will become a part of the blockchain rather than the conventional systems. This trend may transform the flow of billions of dollars daily. First, this new alternative has been made due to the LiquidityDirectSM and Digital Assets platform of BNY. The platform of BNY gives investors the opportunity to subscribe and redeem money market fund shares. Initially, the strategy will have among the grandest names in finance. The first step will include BlackRock, BNY Investment Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management. They want to explore this new technology and make their clients enjoy quicker and more secure methods of handling money. Laide Majiyagbe, the head of BNY global liquidity effort said that this is only the beginning of bigger plans. She said that BNY is interested in assisting the financial world to enter a more digital era. She claimed that the process of mirror tokenization is significant. It demonstrates that new technologies and old banks can collaborate to improve finance in the best way possible. Goldman Sachs shares this vision too. Their head of Digital Assets, Mathew McDermott, said that…
