Galaxy Digital (GLXY), the Digital Active Investment Company led by Mike Novogratz, plans to release a tokenized money market fund, according to two people familiar with the plan.
The New York City-based company aims to bring a more crypto-native VRI to the range of traditional finance-led tokenized fund offers, such as Blackrocks Buidl and Franklin Templeton’s Benji Token, said the people who refused to be identified.
Galaxy Fund, which will debut in the coming months, will eventually be available at Ethereum, Solana and Stellar Blockchains. That said, it doesn’t appear on all three blockchains on the first day, according to one of the population. Anchorage Digital must be a custodian for the new fund.
“The overall ambition is to use tokenization’s power to offer immediate liquidity, and there is a lot of innovation about what is coming,” the person said. “Galaxy has had the benefit of seeing Buidl and some of the others out there on the market and see who engages in these funds, how they engage in them and how it could be better.”
A representative of the Galaxy Digital refused to comment on the fund. Anchorage Digital did not immediately respond to requests for comment.
Blackrocks Buidl Fund, which now has a market capital of about $ 2.2 billion, went live on Solana Blockchain in March after debut at Ethereum.
Read more: Galaxy Digital Tokenizes its Shares at Solana with Superstate
