Swiss-based digital asset bank Sygnum has tokenized $50 million for Matter Labs, the developers behind zkSync, a zero-knowledge layer-2 blockchain on Ethereum.
Swiss-based digital asset bank Sygnum has tokenized $50 million for Matter Labs, the developers behind zkSync, a zero-knowledge layer-2 blockchain on Ethereum. The funds will be tokenized onto the zkSync blockchain and will represent the investment of Matter Labs' treasury reserves into the Fidelity Institutional Liquidity Fund.
The Fidelity Institutional Liquidity Fund is an open-ended fund umbrella for short-term money market funds. It is domiciled in Ireland and currently has 5.5 billion pounds ($6.99 billion) of assets under management.
Matter Labs is the first project that engaged Sygnum to tokenize traditional securities using its multi-chain tokenization solutions. Sygnum Head of Tokenization, Fatmire Bekiri, said: “Working with Fidelity and utilising zkSync, Sygnum leverages both the power of the blockchain and the experience of a global Tier 1 investment manager. It's a prime illustration of our mission to connect Crypto and Trad-Fi and build Future Finance on-chain.”
Matter Labs senior vice president of business and operations Marco Cora said that the move to tokenize $50 million of its treasury reserves on the zkSync blockchain "showcases its institutional-grade security as well as our commitment to transparency."
The zkSync blockchain was founded in 2018 to provide scalability to Ethereum DApps. Its public mainnet was launched in April 2023 after receiving $200 million in Series C funding in November 2022.
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