Archax Expands Tokenised Money Market Fund Offerings

Archax, a digital asset exchange, broker, and custodian regulated by the FCA, announced the expansion of its tokenised money market fund (MMF) offerings by adding the BlackRock ICS US Treasury MMF. This addition complements its previous offerings with abrdn's MMFs on the Hedera and Ethereum blockchains.

The new BlackRock MMF, along with existing funds, can be accessed on the Archax platform and through connected networks like the Ownera FinP2P digital asset network, where the first multimillion-dollar tokenised transaction of BlackRock MMF shares was completed.

In today's high interest-rate climate, MMFs are gaining importance as they offer institutional stability and yield, with reduced counterparty risk. Archax enhances the utility of these tokenised funds by enabling almost instantaneous transfer of MMF shares, facilitating their use as collateral beyond traditional transactions.

Graham Rodford, CEO of Archax, emphasized the diversity in their MMF offerings to address different client needs. He highlighted the partnership with Ownera which helps broaden the distribution of these tokenised products. Ami Ben David, CEO of Ownera, noted the ease of transaction for a variety of financial institutions using the Ownera platform.