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Goldman Sachs and BNY Launch Blockchain-Based Money Market Funds

Guavy AI Editorial Team
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Goldman Sachs and Bank of New York Mellon have partnered to launch a system allowing institutional investors to purchase tokenized money market funds, marking a significant advancement in digitizing the $7.1 trillion money market industry.

The initiative enables BNY clients to invest in money market funds with ownership recorded on Goldman's blockchain platform, according to executives from both firms.

Major fund companies including BlackRock, Fidelity Investments, and Federated Hermes have joined the project alongside Goldman and BNY's asset management divisions.

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