PANews reported on November 20 that Archax, a UK-based compliant crypto exchange, announced that it will offer tokenized money market funds supported by State Street, Fidelity International and Legal & General Investment Management (LGIM). The first batch of tokenized assets will be issued on the Hedera Hashgraph, XRPL and Arbitrum blockchains, and asset ownership will be represented by tokenized interests held by customers.

In the future, Archax plans to add more types of fund products. It is worth mentioning that traditional financial giants such as BlackRock, Franklin Templeton and Abrdn have also launched tokenized funds. Archax has also previously acquired Spanish brokerage firm King & Shaxson Capital Markets (KSCM), and the transaction is still awaiting approval from Spanish regulators.