Abrdn Tokenizes UK Money Mkt Fund
An article entitled, "Abrdn tokenizes money market fund on Hedera with Archax," posted by website Ledger Insights," tells us, "Major UK asset manager Abrdn has launched its first blockchain-based investment by tokenizing part of its £15 billion Lux Sterling money market fund. The token was issued on the Hedera Hashgraph DLT, where Abrdn is on the governing council. It used the Archax Tokenisation Engine to mint the token." Russell Barlow, Global Head of Alternatives at abrdn, comments, "We made the investment into Archax because we see the future for financial markets lies with leveraging new technologies, such as Web 3.0 and DLT. It is exciting to see a tangible application of Archax's tokenisation engine working with Hedera and it paves the way for us to look at creating other digital, blockchain-based token investment solutions." The brief adds "Archax has three arms, a regulated exchange or multilateral trading facility (MTF), its Tokenisation Engine for Issuance, and a custody subsidiary based on technology from Metaco. Barlow hinted at Abrdn's plans to issue tokens on Hedera in April. At the time, he noted that the token is a regulated security and hence is covered by Abrdn's existing regulatory permissions."
