Coinbase Developing Tokenized Money Market Fund

IconCryptoNewsTerminal Staff24 Jul, 2024

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Coinbase Developing Tokenized Money Market Fund

Coinbase Asset Management, the asset management arm of leading US cryptocurrency exchange Coinbase, is reportedly developing a tokenized money market fund. Sources familiar with the matter told CoinDesk that Coinbase is working with Bermuda-based financial services provider Apex Group to help build out the fund. The move comes as real-world asset (RWA) tokenization has emerged as a fast-growing segment within the crypto industry. BlackRock's tokenized US Treasury fund, BUIDL, has seen its assets under management surge to $500 million this year. Coinbase Asset Management had also secured in-principle approval in December last year from Abu Dhabi regulators for tokenizing real-world assets on Coinbase's self-developed Ethereum (ETH) Layer 2 network, Base. ```

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