Breaking: Hedera and Archax Enable First Tokenized BlackRock MMF Shares

Highlights

Archax expands tokenized MMF offerings by partnering with Ownera.
First $multi-million MMF transaction executed on Hedera.
Tokenized MMFs aim to enhance liquidity and reduce risk.

Archax, a digital asset exchange, broker, and custodian based in London, has expanded its tokenization services to the BlackRock ICS US Treasury money market fund (MMF). This undertaking is implemented in cooperation with The HBAR Foundation and is a major step forward in the merging of traditional financial assets with the blockchain technology.

Introduction of Tokenized MMFs

Archax, the first FCA-regulated entity of its kind, has tokenized money market funds from Abrdn in the past, working with both Hedera and Ethereum blockchains. The inclusion of MMF of BlackRock into this online platform provides new options for liquidity and investment. The process of tokenization enables MMF shares to be traded on the Archax platform and via connected networks, thus increasing accessibility to institutional and professional clients.

Today we witness #RWA history as @BlackRock’s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking a major milestone in asset management by bringing the world’s largest asset manager on-chain 🏦 pic.twitter.com/1Kye8cjAJx

— HBAR Foundation (@HBAR_foundation) April 23, 2024

The initial transaction of these tokenized shares was performed through the Ownera FinP2P digital asset network, demonstrating the real-world utility of this emerging technology in today’s market environment. The digital and blockchain integration of the traditional money market funds, as a result, gives a safe and smooth way to which these financial instruments will be managing and trading.

Benefits of BlackRock MMF Tokenization

The tokenization of money market funds, for example, BlackRock funds, also brings several benefits. In an environment with high-interest rates, the liquidity facility of being able to trade MMF shares quickly and safely becomes an attractive alternative. According to Graham Rodford, the CEO and co-founder of Archax,

“An addition of more funds to our portfolio of tokenized MMF shares makes the range we have more extensive and allows us to offer our services to a wider target audience.”

Additionally, the secondary market for such tokenized instruments provides the facility of almost instant transfers of MMF shares all day long, which can also be used for collateral movements rather than only typical buying and selling. Such kind of flexibility and average efficiency is the main thing as digital technologies continue to change the financial industry.

Strategic Collaborations Enhance Market Opportunities

The cooperation between Archax, Ownera, and the usage of the Hedera network plays a key role in the successful implementation of this new product. The technology of Ownera, that consists of a Buy-Side Router, allows a broad spectrum of financial institutions, from banks to wealth managers, to smoothly interact with the tokenized MMFs.

The need for this integration was underlined by Ami Ben David, CEO and co-founder of Ownera, in the framework of a global vision of the ecosystem for institutional tokenized assets.

Shayne Higdon, CEO of The HBAR Foundation, commented on the initiative,

“The addition of MMF shares tokenized on Hedera, enabled by Archax, is a huge vote of confidence.”

Hedera’s technology, moreover, is celebrated for its speed, security, and cost efficiency, making it an ideal platform for institutional-grade tokenization.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

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