Ethereum

zkSync

<p>Sygnum, a leading global digital asset bank, tokenized USD 50 million of Matter Labs’ treasury reserves onto the zkSync blockchain in a groundbreaking move. This is a major step toward digital asset economy integration in finance. Sygnum’s security tokens are on-chain copies of Fidelity International’s huge USD 6.9 billion Institutional Liquidity Fund (ILF). Sygnum, Matter Labs, and Fidelity’s collaboration shows how blockchain could change finance.</p><h2 id="header-0">Matter Labs Explores zkSync for Ethereum Scaling</h2><p>Known for its software development, engineering, and cryptography skills, Matter Labs is working on scaling <a href="https://blockchainreporter.net/price-prediction/ethereum-price-prediction/" rel="noopener noreferrer nofollow">Ethereum</a> and improving zk-rollup technology like zkSync. This innovative project is based on zkSync, a layer 2 blockchain protocol that speeds up Ethereum. By tokenizing some of its treasury reserves on the zkSync blockchain, Matter Labs hopes to encourage more companies to use on-chain financial instruments.</p><p>Fidelity’s money market fund was tokenized using Sygnum’s multi-chain solution. This is a major advance in blockchain-traditional securities integration. This groundbreaking project shows Sygnum’s commitment to Crypto-TradFi connections and a tokenized ecosystem. Jürg Rimle, Country Head Switzerland at Fidelity International, likes how the partnership is helping professional and institutional investors enter the market and strengthening the link between digital assets and traditional finance.</p><h2 id="header-1">Sygnum and Fidelity Forge Blockchain and Finance Partnership</h2><p>Sygnum’s Head of Tokenization, Fatmire Bekiri, emphasizes working with Fidelity and using <a href="https://zksync.io/" rel="noopener noreferrer nofollow">zkSync</a>. She values this partnership because it shows Sygnum’s goal of combining blockchain with well-known financial institutions’ expertise. Sygnum, a global Tier 1 investment manager like Fidelity, uses blockchain technology to create a future where Crypto and Trad-Fi work seamlessly.</p><p>Marco Cora, Matter Labs’ Senior Vice President of Business and Operations, is excited to move a lot of cash to the zkSync blockchain. Matter Labs is committed to transparency, and zkSync is secure for institutions. Tokenizing a portion of Fidelity’s money market fund on the zkSync blockchain with <a href="https://www.sygnum.com/" rel="noopener noreferrer nofollow">Sygnum</a> will make financial markets more open and liquid.</p><p>Tokenizing Fidelity’s money market fund is part of a larger RWA tokenization trend. This trend soared 74% to USD 2.5 billion in 2023. People want more liquid, accessible, and clear financial markets, so this trend is growing. Matter Labs is using blockchain technology to create new opportunities and transform financial instruments. This makes the industry more efficient and innovative.</p>

Sygnum Bank Tokenizes $50M of Matter Labs’ Treasury Reserves on zkSync Blockchain

Table of Contents

BlockchainReporter

Other articles published on Mar 19, 2024

Ripple Adjustments Lead Savvy Investors to Explore Fezoo (FEZ) with USDC Users

Breaking: Genesis Agrees $21 Million Settlement With SEC Over Gemini Earn

Here’s how much Andrew Tate made in last crypto bull run

Scammers Exploit Solana-Based Memecoin Craze, Over $100M Lost in Frauds

Explosive Growth and Sudden Decline: Crypto Market Sees Meme Coin Craze and Solana’s Price Changes

The Role of AI in Amplifying Conspiracy Theories

Join our free newsletter for daily crypto updates!