Archax adds money market funds from State Street, Fidelity International and Legal and General Investment Management to its platform.
Tokenized assets will be available on Hedera Hashgraph, XRPL and Arbitrum.
Archax, a UK-regulated crypto exchange and custodian, has added funds from State Street, Fidelity International and Legal & General Investment Management (LGIM) to the range of tokenized real-world assets (RWAs) it offers, it said company in a news release Wednesday.
The company will initially offer tokenized access to select State Street Global Advisors, Fidelity International and LGIM money market funds. Other types of funds may also be added in the future, the company said.
Archax will issue beneficial ownership tokens representing customer assets in such funds. These will initially be made available on Hedera Hashgraph, XRPL and Arbitrum, with other blockchains possibly following.
CoinDesk revealed last month that Legal & General, the London-based pension and investment management company with $1.5 trillion in assets under management, was planning to enter the tokenization space.
The tokenization of real-world assets has grown as traditional financial giants have entered the space. BlackRock, Franklin Templeton and Abrdn have all launched tokenized funds.
“Tokenized real-world assets, and funds in particular, are really gaining momentum,” said Graham Rodford, CEO and co-founder of Archax, in the release. “The industry sees the path to additional distribution and liquidity that tokenization brings, as well as the new innovative use cases such as collateral transfers,” Rodford added.
Archax last month agreed to acquire Spanish broker King & Shaxson Capital Markets (KSCM) for an undisclosed amount. The completion of the acquisition is subject to the approval of the Spanish regulator.