Goldman Sachs and BNY Mellon to Offer Tokenized Money Market Funds to Institutional Clients

YM Lee

Summary

Goldman Sachs and BNY Mellon announced they will provide tokenized money market fund products for institutional investors.
BNY Mellon clients can now invest in a money market fund whose ownership is recorded on Goldman Sachs’ private blockchain.
It was reported that major institutions, including BNY Mellon, Goldman Sachs, BlackRock, and Fidelity, are set to participate in the tokenized fund.

Global investment banks Goldman Sachs and BNY Mellon will offer tokenized money market fund products to institutional investors.

According to Cointelegraph on the 23rd (local time), BNY Mellon clients will now be able to invest in a money market fund in which ownership is directly recorded on Goldman Sachs’ private blockchain.

Liyede Majiyagbe, Head of Liquidity and Financial Collateral at BNY Mellon, stated, “The financial system is transitioning into a real-time architecture based on digital technology. BNY will implement scalable and secure solutions that will shape the future of finance.”

Numerous institutions, including BNY Mellon, Goldman Sachs, BlackRock, and Fidelity, are expected to participate in the tokenized money market funds.