BlackRock Tokenizes $311B European Money Market Funds with J.P. Morgan's Kinexys

BlackRock has launched tokenized share classes for six of its European money market funds, covering over $311 billion in assets. The new on-chain share classes are available to professional and qualified clients across 12 European countries. BlackRock partnered with J.P. Morgan's blockchain unit Kinexys to mint the tokens on Ethereum.

The tokenized share classes preserve the same standards on capital preservation, liquidity, and risk management as the existing share classes, according to Hannah Winter, Head of Digital Cash at BlackRock. The launch is part of BlackRock's push into tokenization, which it sees as 'the next major evolution in market infrastructure.'

The new on-chain share classes are marketed to professional and qualified clients rather than retail investors. BlackRock has also launched separate tokenized money market funds on Solana, Ethereum, and Tempo.