JPMorgan Steps Further Into Crypto With Tokenized Money Fund

An anonymous reader quotes a report from the Wall Street Journal: JPMorgan Chase is joining the list of traditional financial firms seeking to bring blockchain technology to an investing staple: the money-market fund. The banking giant's $4 trillion asset-management arm is rolling out its first tokenized money-market fund on the Ethereum blockchain. JPMorgan will seed the fund with $100 million of its own capital, and then open it to outside investors on Tuesday. Called My OnChain Net Yield Fund, or 'MONY,' the private fund is supported by JPMorgan's tokenization platform, Kinexys Digital Assets, and will be open to qualified investors, or individuals with at least $5 million in investments and institutions with a minimum of $25 million. The fund has a $1 million investment minimum.

Wall Street has waded deeper into tokenization since the passage of the Genius Act earlier this year. The landmark measure, which establishes a regulatory framework for tokenized dollars known as stablecoins, has unleashed a wave of efforts to tokenize everything from stocks and bonds to funds and real assets. 'There is a massive amount of interest from clients around tokenization,' said John Donohue, head of global liquidity at J.P. Morgan Asset Management. 'And we expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain.'

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