According to the Wall Street Journal, US banking giant JP Morgan has launched the first tokenized money market fund on Ethereum (ETH).
Accordingly, the Fund will initially be supported by an initial investment of $100 million from its own internal capital.
The bank said it launched the fund after seeing strong customer demand for tokenization.
The fund is scheduled to be unveiled to investors on Tuesday and will be available to accredited investors.
According to the WSJ report, the private fund in question is called My OnChain Net Yield Fund (MONY).
John Donahue, global head of liquidity at JPMorgan Asset Management, expressed optimism about the initiative, saying, “There is a lot of customer interest in tokenization.”
*This is not investment advice.
