U.K. Pension Giant L&G Looks to Enter Crypto’s Tokenization Space
Legal & General (L&G), the London-headquartered pension and investment management firm with $1.5 trillion in assets under management, is plotting an entrance into the blockchain-based tokenization space that’s growing popular among finance giants.
Tokenization – or the representation of conventional assets like U.S. Treasuries-backed money-market funds via tokens on a blockchain – has become popular among traditional finance firms. That accelerated after the arrival of BlackRock, the largest asset manager in the world, on the scene with its BUIDL fund on the Ethereum blockchain. Others are available from Franklin Templeton, State Street and Abrdn.
02:26
Bitcoin Price on the Rise Amid BTC ETPs’ Best Week Since July; Dogecoin Extends Its Rally
12:20
Dragonfly General Partner on Market Volatility: A Buenos Aires Special
01:00
Latin America’s Crypto Surge: A Battle Against Inflation
01:48
Nishad Singh’s Lawyers Ask Judge to Spare Him Prison; Italy to Raise Capital Gains Tax on Crypto
“We are evaluating ways to make the Legal & General Investment Management Liquidity funds available in tokenized format,” said Ed Wicks, global head of trading at Legal & General Investment Management (LGIM), when asked about the firm’s plans via email.
“Digitization of the funds industry is key to improving efficiency, reducing cost and making a broad range of investment solutions available to a wider range of investors. We look forward to continued progress in this space,” Wicks said.
L&G’s dalliance with blockchain technology stretches back to 2019, when the insurer said it planned to use the managed blockchain system from Amazon Web Services (AWS) to manage and record bulk annuities for its insurance business.
LGIM is the asset management arm of L&G.
Edited by Nick Baker.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
have been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of
editorial policies.
CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
