Cryptocurrency News

Algorand introduces the initial tokenized money market fund

Archax has released tokenized interests into abrdn’s euro market money fund, totaling 3.8 billion euros. Consequently, the inaugural tokenization money market fund has been positioned on Algorand. The utilization of EURD electronic money on Archax’s online assets platform is made possible by the connection between Quantoz Payments and Archax.

The partners have demonstrated the viability and efficiency of bringing the entire investment and cash settlement process (investment, asset transfer, trading, settlement, and distributions) onto the blockchain by combining strong tokenized assets with on-chain digital money and native atomic settlement.

According to Nick Haasnoot, the CEO of Quantoz Payments, using EURD to buy money market funds in a tokenized manner aids in the positioning of additional tokenized financial tools.

Graham Rodford, the CEO of Archax, believes that the moment is opportune for the development of tokenized real-time assets and yield income. In comparison to the asset-leg, the cash-leg of on-chain settlement is more intricate to address. 

Russell Barlow, the Global Head of abrdn, has stated that the company has committed to fostering online innovation in the context of investment control and will make every effort to achieve this goal. 

Eric Wragge, the Global Head of Business Development and Capital Markets for the Algorand Foundation, asserts that every finance-related issue is immediate, including the immediate finality of transactions. In his opinion, the collaboration between Archax and Quantoz to introduce an online euro and a tokenized fund in Algorand is a genuine factor for all certified investors throughout Europe.

Quantoz Payments is a Netherlands-based business and an affiliate of Quantoz N.V. It is a supplier of electronic currency, such as e-money tokens. It holds an EMI certification from the Dutch Central Bank.

Archax, on the other hand, is an internationally certified online asset exchange situated in London. 

The Algorand Foundation is actively involved in boosting the ethical factors related to information exchange. The Algorand Foundation fully supports Algorand’s growing ecosystem by establishing a high-quality builder space, supporting key frameworks, offering support to developers and businesses, and providing the necessary framework for decentralized governance.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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