Galaxy Digital plans to launch multi-chain tokenized money market fund

Galaxy Digital, a digital asset investment company led by Mike Novogratz, is preparing to launch a tokenized currency market fund. The fund will be launched successively on the Ethereum, Solana, and Stellar blockchains, and is expected to be launched in the next few months.

According to sources, Anchorage Digital will serve as the custodian of the fund. Galaxy Digital's move aims to bring more crypto-native products to the market to complement tokenized funds launched by traditional financial institutions such as BlackRock's BUIDL (market value of about $2.2 billion) and Franklin Templeton's BENJI.

Representatives from Galaxy Digital declined to comment on the fund. The fund will focus on providing instant liquidity through tokenization technology and draw on experience from existing products to optimize user participation.