BNY Mellon & Goldman Sachs Don Launch $7T Fund Tokenization
BNY Mellon and Goldman Sachs don show one digital asset tokenization plan wey dey target the $7 trillion fund market. The platform dey use private blockchain plus smart contracts to automate how fund shares dey issued, subscribed to, and redeemed. E fit make trading dey happen 24/7, get on-chain ownership record and quick quick settlement, wey go cut down operational cost and make liquidity better. Dem launch am through BNY Mellon Digital Asset Custody and Administration service plus Goldman Sachs Asset Management first client integration. This digital asset tokenization solution fit support money market funds as collateral for digital asset trading. Final settlements and compliance checks still dey inside traditional system to maintain regulatory standards. Dem plan to roll am out for 2024. This blockchain finance innovation go open way for fractional access to big value funds and go help make digital asset tokenization enter traditional finance more for institutions.
Bullish
Dis initiative dey bullish for crypto market because e dey drive institutional demand for tokenized assets and e dey increase liquidity. For short term, traders fit use tokenized money market funds as collateral, wey go boost on-chain trading volumes. For long term, wide institutional adoption of digital asset tokenization fit reduce transaction costs, improve settlement efficiency and expand use of blockchain-based financial products, wey go strengthen overall market growth.