BlackRock Taps JPMorgan to Tokenize European Money Market Funds

BlackRock will offer tokenized versions of select European money market funds using JPMorgan’s blockchain infrastructure. 

According to a Tuesday Bloomberg report, the offering will include pound sterling, euro and US dollar share classes from BlackRock’s Institutional Cash Series, which collectively manage about $311 billion. The figure refers to the broader fund range, not the assets that will be tokenized.

Each token will represent a share in an underlying money market fund and can be transferred around the clock between approved digital wallets. 

JPMorgan’s Kinexys will provide the tokenization infrastructure, while the bank will continue to serve as the transfer agent for the funds. 

Beccy Milchem, BlackRock’s global head of cash distribution and head of international cash management, said the asset manager has seen interest from digital wallet providers, corporate treasurers and capital markets participants seeking more…