Galaxy Digital to Launch Tokenized Money-Market Fund
- Galaxy Digital (GLXY), led by Mike Novogratz, is set to introduce a tokenized money-market fund.
- The fund will be available on Ethereum, Solana, and Stellar blockchains, though not all at launch.
- Anchorage Digital will serve as the custodian for the new fund.
- The Galaxy fund aims to leverage tokenization for instant liquidity, learning from existing funds like BlackRock’s BUIDL.
- BlackRock’s BUIDL fund currently has a market cap of around $2.2 billion.
Galaxy Digital’s upcoming tokenized money-market fund reflects a growing trend in the cryptocurrency space to innovate traditional finance products through blockchain technology. With insights gained from existing offerings, the firm aims to enhance user engagement and liquidity options.
The Galaxy fund is expected to debut soon and will utilize multiple blockchain platforms for broader accessibility, similar to BlackRock’s successful approach with its BUIDL fund.(Source)
