London-based L&G, which has assets valued at $1.5 trillion, is looking at joining other major traditional players such as BlackRock, Franklin Templeton and Abrdn in offering blockchain-based money market funds. Tokenization, or representing conventional assets such as US Treasury-backed money market funds through tokens on the blockchain, has become popular among traditional financial firms.
The firm is looking at ways to make Legal & General Investment Management Liquidity funds available in a tokenized format, according to Ed WICKS, global head of trading at Legal & General Investment Management (LGIM). Digitizing the fund industry is key to improving efficiency, reducing costs and providing a wider range of investment solutions to a wider range of investors, Wicks noted.
L&G’s interest in blockchain technology began in 2019, when the firm said it planned to use Amazon Web Services’ (AWS) managed blockchain system to manage and record bulk annuities for its insurance business.
Designed by Freepik
Read the full article here
