As a seasoned researcher with a penchant for the evolving world of finance and technology, I find Legal & General’s (L&G) foray into blockchain-based tokenization an exciting development. With my years of experience tracking the financial industry, I’ve witnessed the steady growth of this concept, particularly since the entry of heavyweights like BlackRock into the arena.
Legal & General (L&G), a prominent London-based company specializing in pensions and investments with approximately $1.5 trillion in managed assets, is considering entering the rapidly expanding blockchain-driven tokenization sector, which has garnered interest from leading financial institutions.
Tokenizing conventional assets such as U.S. Treasuries-backed money market funds into digital tokens on a blockchain has gained traction within traditional finance industries. This trend was further boosted by the entry of BlackRock, the world’s largest asset manager, who introduced its BUIDL fund on the Ethereum blockchain. Similar offerings are also available from Franklin Templeton, State Street, and Abrdn.
According to Ed Wicks, who heads trading at Legal & General Investment Management (LGIM), they are exploring options to convert their Liquidity funds into a digital format using tokens.
Wicks emphasized that digital transformation within the financial sector is crucial for enhancing effectiveness, cutting costs, and offering diverse investment options to more people. He’s excited about further advancements in this area.
Since 2019, L&G has been experimenting with blockchain technology in their operations. They announced their intention to utilize Amazon Web Services’ (AWS) managed blockchain system for managing and recording large numbers of annuities within their insurance sector.
LGIM is the asset management arm of L&G.
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2024-10-21 12:01