Sygnum carries out the tokenization of $50 million
Sygnum carries out the tokenization of USD 50 million worth of Matter Labs’ reserve treasury on the zkSYNC blockchain. This is a move toward digital asset economy incorporation in finance. The security tokens with Sygnum are on-chain duplicates of Fidelity International’s large Institutional Liquidity Fund (ILF), amounting to USD 6.9 billion. The coalition between Sygnum, Matter Labs, and Fidelity exhibits the capacity of blockchain to transform finance.
Matter Labs is into software building, engineering, and cryptography and is presently upgrading Ethereum and enhancing zk-rollup technology, the same as zkSync. This inventive project is about zkSync, a layer 2 blockchain protocol that helps in acceleration. With tokenizing a certain amount of its reserve treasury on the zkSync blockchain, Matter Labs intends to influence more businesses to utilize on-chain financial tools.
The money market fund of Fidelity was tokenized utilizing Sygnum’s multi-chain services. This is a prime factor in blockchain’s conventional securities incorporation. In the opinion of Country Head Switzerland at Fidelity International, Jurg Rimie, the association is coming to the help of professional and institutional inventors to venture within the market and empower the connection between digital assets and conventional finance.
The Head of Tokenization at Sygnum, Fatmire Bekiri, stresses functioning with Fidelity and utilizing zkSync. She is proud of the association since it emphasizes Sygnum’s aim of bringing together blockchain with the potential of prime financial institutions. Sygnum, a top investment manager similar to Fidelity, utilizes blockchain technology to build a space wherein Crypto and Trad-Fi function in tandem.
As for the Senior Vice President of Business and Operations at Matter Labs, Marco Cora, the company has taken a pledge regarding total clarity and stated that zkSync is safe for institutions. In his viewpoint, the tokenization of a certain amount of Fidelity’s market maker fund on the zkSync blockchain with Sygnum will turn financial markets more open and liquid.
The tokenization of Fidelity’s market maker fund is a fragment of the bigger picture regarding the RWA tokenization space. This witnessed an increase of 74%, amounting to USD 2.5 billion last year. The growth of the space is attributed to the requirement for more liquid, accessible, and transparent financial markets.
Matter Labs is utilizing blockchain technology to build fresh options and transform financial tools. This brings about further inventiveness and effectiveness.
