Mike Novogratz Galaxy visualizes its own tokenized monetary fund

By Hannah Pérez

The Mike Novogratz cryptocurrency investment company would be planning to launch its own monetary market token, according to reports. It would compete with Buidl from Blackrock and Benji by Franklin Templeton.

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• Galaxy Digital would be planning to launch its own tokenized monetary market fund.
• If it materializes, it will compete with Buidl from Blackrock and Benji by Franklin Templeton.
• It is expected to be available “in the coming months” in the networks Ethereum, Solana and Stellar.

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Galaxy Digitalthe investment firm in digital assets led by Mike Novogratz, is visualizing its own tokenized monetary market fund, as reported COINDESK citing people familiar with plans.

The company is waiting to launch its background in the coming months, with plans to be available in block chains Ethereum, Solarium and Stellarand with the support of the cryptocurrency bank Digital anchorage as custodian, according to the report.

The background will be initially built in one of the three networks Blockchainalthough it was not specified which, before an expansion. Nor was an accurate schedule for the launch provided.

“The general ambition is to use the power of tokenization to offer instant liquidity, and there is a lot of innovation around that to come”said the person to COINDESK About the plans of Galaxy.

Once underway, the fund will compete with the growing offer of similar tokenized products, among which are Buidl of Blackrock and Benji de Franklin Templetonthat integrate traditional finances with technology Blockchain.

“Galaxy has had the benefit of seeing Buidl and some of the others in the market, and see who interacts with these funds, how to interact with them and how that could be better ”he added.

Galaxy tokenization effort

The report reflects the intention of Galaxy Digitalbased in New York, to innovate in the space of the tokenized funds with a product that combines technology Blockchain and finance, focusing on liquidity and accessibility.

The firm of Novogratz already offers a wide range of services and products, including management, commerce, cryptocurrency custody for institutions, designed to connect the crypto ecosystem with traditional finances.

Other renowned companies have also been working on their own tokenized monetary funds as part of a broader trend of financial institutions to explore RWA tokenization–a process that refers to representing traditional physical or financial assets in a network Blockchain.

Last year it was reported that Coinbase worked in the creation of a tokenized background based on Blockchain For the money market.

Blackrockwith more than USD $ 10 billion in assets under management, Buidl launched in March 2024, initially based on Ethereum and subsequently expanded to Solariumhas become the largest of its kind with more than USD $ 2 billion in assets.

RWA’s global market already amounts to USD $ 30 billion, according to specialized data.

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