Executes first $multi-million transaction in
partnership with Ownera
LONDON, April 23,
2024 /PRNewswire/ -- Archax, the first FCA regulated
digital asset exchange, broker and custodian, today announced that
it is expanding the range of fund shares it offers in tokenised
form with the provision of the BlackRock ICS US Treasury money
market fund1 (MMF), in partnership with the HBAR
Foundation. This builds on its launch of tokenised access to
abrdn's MMFs last year, which Archax has created on both the Hedera
and Ethereum blockchains.
This additional BlackRock MMF, along with existing offerings,
are all available directly on the Archax platform, as well as
through connected networks. The first transaction of tokenised
shares of the BlackRock MMF, which was also tokenised on Hedera,
the open-source, proof-of-stake public ledger, was completed across
the Ownera FinP2P digital asset network.
In the current high interest-rate environment, putting cash,
treasury and stablecoin assets to work is more
important than ever. MMFs are a useful vehicle as they have the
potential to provide institutional stability and yield, due to
their underlying investments in short-term debt products, and
reduce single bank or stablecoin provider counterparty
risk. In addition, through creating a secondary market for the
tokenised instruments, Archax can provide investors with the
benefit of almost instantaneous transfer of MMF shares
throughout the day – an advantage which can also see the
tokens being used for collateral movement instead of just
traditional subscriptions/redemptions.
Graham Rodford, CEO and
co-founder of Archax, comments: "Money market funds from different
asset managers can follow different underlying investment theses –
for example investing in short-term governmental debt issuances or
commercial short-term debt issuances. Consequently, it is important
to have a range of offerings available to cater to differing client
needs. Adding more funds into our portfolio of tokenised shares of
MMF offerings expands the flavours we have on offer and so allows
us to serve a broader range of potential clients."
"As well as MMF product breadth, product distribution is also
vitally important", continues Rodford. "And so we are pleased to be
expanding our partnership with Ownera to further leverage their
FinP2P network for distribution of tokenised shares in MMFs and to
help facilitate our first $multi-million trade on Hedera too."
Ami Ben David, CEO and co-founder
of Ownera, adds: "Using a simple Ownera Buy-Side Router, suitable
banks of all sizes, wealth managers, asset managers,
broker-dealers, RIAs (registered investment advisors), and
exchanges can route transactions to the tokenized MMFs offered by
Archax. This is another step towards realising the vision we share
with Archax and other partners across the ecosystem, of a global
institutional tokenized assets ecosystem with market-wide access,
distribution and liquidity."
With all the excitement in the marketplace around
real-world-asset (RWA) tokenisation, funds are certainly front and
centre as a use case. MMFs are particularly prominent too, as these
provide benefits to and serve both the Traditional Finance (TradFi)
tokenised world as well as the pure crypto space.
Shayne Higdon, CEO of The HBAR
Foundation, comments: "The addition of MMF shares tokenised on
Hedera, enabled by Archax, is a huge vote of confidence. Hedera's
unmatched speed, security, and low-cost infrastructure is ideally
suited for the institutional-grade tokenisation of real-world
assets made possible by Archax."
Capital at Risk. We offer our tokenised MMF shares to
professional and institutional clients only.
1A Money Market Fund (MMF) is not a
guaranteed investment vehicle. An investment in MMFs is different
from an investment in deposits; the principal invested in a MMF is
capable of fluctuation and the risk of loss of the principal is to
be borne by the investor. The MMF does not rely on external support
for guaranteeing the liquidity of the MMF or stabilising the NAV
per share.
About Archax
Archax is a global, regulated, digital
asset exchange, brokerage and custodian based in London. Founded by experts from the financial
markets world and backed by an accomplished advisory board, Archax
offers a credible bridge between the blockchain-centric
crypto community and the traditional investment
space.
Archax is the first-ever firm to receive FCA regulation as a
digital securities exchange, custodian and brokerage. It was also
the first firm to be listed on the FCA's Cryptoasset Register as a
VASP (Virtual Asset Service Provider).
Archax has been designed specifically for institutional investors
to trade in all types of digital assets, from
cryptocurrencies to digital securities. It is built
using existing, proven, resilient, scalable, high-performance
exchange infrastructure, hosted in top-tier datacentre space, and
integrated into the existing institutional trading workflow.
For more information, go to www.archax.com.
About Ownera
Ownera is a technology company delivering
interoperability solutions to the world of tokenized assets.
Ownera's routers enable global distribution and liquidity by
connecting tokenized assets distributed by sell-side institutions
to buy-side demand. The routers facilitate the messaging,
negotiation and settlement of transactions between the
counterparties and their various regulated service providers
including custodians, broker dealers, transfer agents, cash
providers, lenders and others. Ownera's routers implement the open
FinP2P protocol originally pioneered by the company. Ownera is
backed by strategic investors including J.P. Morgan, U.S. Bancorp,
LRC Group, Draper Goren Holm, tokentus Investment AG, Accomplice
Blockchain, Polymorphic Capital, The Ropart Group and Archax.
For more information, go to www.ownera.io.
About the HBAR Foundation
The HBAR Foundation supports
the creation of Web3 communities built on the Hedera network, by
empowering and funding the builders developing these communities.
The Foundation's six funds - focused on the Crypto
Economy, Metaverse, Sustainability, Fintech, Privacy, and Female
Founders - each support communities within those areas, and the
interconnectedness enables applications to participate as part of a
larger ecosystem.
The collective power of these funds enables entrepreneurs,
developers, and enterprises of all sizes to tackle some of the
world's largest problems, and create and control their own
economies, all built on the Hedera public network. Whether you're
building something new or migrating an existing EVM-based
application and community, the HBAR Foundation is here to support
you. For additional information, please visit
https://hbarfoundation.org.
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SOURCE The HBAR Foundation