CMC News

#GalaxyDigital Plans Multi-Chain #Tokenized Fund Launch

Galaxy Digital is developing a tokenized money-market fund to compete with traditional finance offerings in the digital asset space. The New York-based investment firm aims to provide a more crypto-native alternative to existing products like #BlackRock's BUIDL and Franklin Templeton's BENJI tokens.

The fund will debut across multiple blockchain networks, including Ethereum, Solana, and Stellar, though not simultaneously on all platforms initially. Anchorage Digital has been selected as the custodian for the new tokenized investment product launching in the coming months.

Mike Novogratz's firm seeks to leverage tokenization for instant liquidity with significant innovation planned around this core feature. Galaxy has observed market engagement with existing tokenized funds to identify areas for improvement in user experience and functionality.

The overarching ambition centers on using tokenization's power to offer instant liquidity with substantial innovation developments ahead. Galaxy's market observation of BUIDL and other existing funds has informed their approach to better serve institutional and retail audiences.

BlackRock's BUIDL fund has reached approximately $2.2 billion in market capitalization since launching on #Ethereum and expanding to Solana in March. The success demonstrates institutional appetite for tokenized traditional finance products on #blockchain networks.

Galaxy's #crypto-native approach distinguishes their offering from traditional finance companies entering the tokenized fund space. The firm's deep cryptocurrency market experience positions them to address the specific needs of digital asset investors and institutions.

Representatives for Galaxy Digital declined to comment on specific fund details, while Anchorage Digital did not respond to requests for information.