The post Standard Chartered’s Libeara to launch tokenized money market fund on Ethereum appeared on BitcoinEthereumNews.com.

Libeara, a tokenization platform developed by SC Ventures, Standard Chartered Bank’s fintech innovation and investment arm., plans to launch a US dollar tokenized money market fund in Singapore. The head of business development at Libeara, Alexandre Deschatres, reportedly disclosed this in an interview with Hong Kong newspaper Xin Bao. According to the reports, the tokenization platform will launch the fund on Ethereum in partnership with FundBridge Capital, a licensed fund manager in Singapore, and Wellington Asset Management in the US. Deschartres stated that the fund will launch on the Ethereum mainnet, and they will first evaluate the liquidity of US Treasury bonds before proceeding with the launch. If it goes as planned, this will add another to the growing list of tokenized real-world assets (RWA) issued through Libeara since the platform launched in 2023. While details of the new money market fund remain uncertain, Libeara has a strong relationship with FundBridge Capital. They launched the first tokenized Singapore-Dollar Government Bond Fund for eligible investors in 2023. Since then, it has been used to issue other tokenized funds on Ethereum, with plans to expand to other chains, including Avalanche, Solana, and Arbitrum. The platform provides the technology needed to onboard accredited investors, allowing them to subscribe to and redeem units of tokenized funds directly on the chain. The enterprise-grade tokenization platform leverages the expertise and technology of blockchain-native companies such as Fireblocks, Fazz, Chainalysis, Letsbloom, and Chekk. The tokenization sector continues to grow Meanwhile, the announcement highlights the continued growth of tokenization, particularly among traditional financial institutions. Demand for tokenized RWA has risen over the last few months, with US treasury bonds accounting for a significant portion of the total tokenized RWA. This is due to the participation of major firms such as BlackRock, Union Bank of Switzerland (UBS), and Franklin Templeton,…

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Filed under: News - @ December 2, 2024 6:17 pm