30s Summary

UK-based crypto exchange Archax is incorporating tokenized assets from major firms including State Street, Fidelity International, and Legal & General Investment Management into its platform. These assets will initially be available on Hedera Hashgraph, XRPL, and Arbitrum. To monitor clients’ holdings, Archax will issue beneficial ownership tokens. This move follows a growing trend of tokenizing real-world assets, a practice that is popular among major financiers. Archax’s CEO sees potential in this strategy for increasing distribution and liquidity. Archax also plans to acquire Spanish broker King & Shaxson Capital Markets, pending regulatory approval.

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Archax, a crypto exchange and custodian based in the UK, is introducing some cool new tokenized assets to its platform. They’re featuring funds from well-known firms like State Street, Fidelity International, and Legal & General Investment Management.

These tokenized assets will be accessible on platforms like Hedera Hashgraph, XRPL, and Arbitrum. At the start, you’ll be able to access certain money market funds from State Street Global Advisors, Fidelity International, and LGIM. There’s the possibility of adding more types of funds in the future.

To keep track of clients’ holdings in these funds, Archax will be issuing beneficial ownership tokens. If you’re not into those platforms, no need to worry! Other blockchains might also be included in the future.

Last month, Legal & General, the London-based pension and investment management firm with a whopping $1.5 trillion under its belt, announced plans to dip its toes in the tokenization space.

The trend of tokenizing real-world assets has been growing as big financiers join the ride. Companies like BlackRock, Franklin Templeton, and Abrdn have thrown their hats in the ring with their own tokenized funds.

Graham Rodford, CEO and co-founder of Archax, stated in their press release that tokenizing real-world assets and funds is gaining serious momentum. He believes the industry sees clear potential in the increased distribution and liquidity that tokenization brings, along with exciting new uses as collateral transfers.

Archax has recently agreed to purchase Spanish broker King & Shaxson Capital Markets with finalization dependent on regulatory approval in Spain. Specifics around the transaction are currently undisclosed.