Goldman Sachs, BNY Mellon Collaborate on Tokenized Money Market Product
The post Goldman Sachs, BNY Mellon Collaborate on Tokenized Money Market Product appeared on BitcoinEthereumNews.com. In brief BNY Mellon and Goldman Sachs are working together on a tokenized money market fund (MMF) product. The product will allow fund managers to subscribe to MMF shares that earn a tokenized representative. The goal is to unlock utility and transferability of MMF shares. Publicly traded financial giants BNY Mellon Corporation and Goldman Sachs Group are collaborating on a tokenized money market product to improve utility and transferability of money market fund (MMF) shares, they said Wednesday. The product, built with technology developed by Goldman Sachs, will allow fund managers to enable the subscription of shares of MMF via BNY’s Liquidity Direct and digital assets platform that are then reflected with mirrored tokens on Goldman Sachs’s Digital Asset Platform (DAP). “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 Global Head of Liquidity, Financing and Collateral at BNY Laide Majiyagbe in a statement. “Mirrored tokenization of MMF shares is a first step in this transition, and we are proud to be at the forefront of this first-of-its-kind initiative,” she added. The initial launch will have participation from BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management, while the official books, records, and settlement will be maintained by BNY Mellon. “Using tokens representing the value of shares of Money Market Funds on GS DAP would enable us to unlock their utility as a form of collateral and open up more seamless transferability in the future,” said Goldman Sachs Global Head of Digital Assets Matthew McDermott, in a statement. “We are excited about this strategic collaboration with BNY in our journey towards the longer-term vision for GS DAP and as we continue to lead and innovate in the…
The post Goldman Sachs, BNY Mellon Collaborate on Tokenized Money Market Product appeared on BitcoinEthereumNews.com.
In brief BNY Mellon and Goldman Sachs are working together on a tokenized money market fund (MMF) product. The product will allow fund managers to subscribe to MMF shares that earn a tokenized representative. The goal is to unlock utility and transferability of MMF shares. Publicly traded financial giants BNY Mellon Corporation and Goldman Sachs Group are collaborating on a tokenized money market product to improve utility and transferability of money market fund (MMF) shares, they said Wednesday. The product, built with technology developed by Goldman Sachs, will allow fund managers to enable the subscription of shares of MMF via BNY’s Liquidity Direct and digital assets platform that are then reflected with mirrored tokens on Goldman Sachs’s Digital Asset Platform (DAP). “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 Global Head of Liquidity, Financing and Collateral at BNY Laide Majiyagbe in a statement. “Mirrored tokenization of MMF shares is a first step in this transition, and we are proud to be at the forefront of this first-of-its-kind initiative,” she added. The initial launch will have participation from BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management, while the official books, records, and settlement will be maintained by BNY Mellon. “Using tokens representing the value of shares of Money Market Funds on GS DAP would enable us to unlock their utility as a form of collateral and open up more seamless transferability in the future,” said Goldman Sachs Global Head of Digital Assets Matthew McDermott, in a statement. “We are excited about this strategic collaboration with BNY in our journey towards the longer-term vision for GS DAP and as we continue to lead and innovate in the…
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