Archax increases tokenised money market fund offerings and executes first transaction with Ownera

ARCHAX, the first FCA-regulated digital asset exchange, 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 fund in partnership with the HBAR Foundation.

The move follows the launch of tokenised access to Abrdn’s MMFs last year, which Archax has created on both the Hedera and Ethereum blockchains.

Along with existing offerings, the additional BlackRock MMF is available directly on the Archax platform, as well as through connected networks.

The first transaction of tokenised shares of the BlackRock MMF was completed across the Ownera FinP2P digital asset network.

“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," said Graham Rodford, CEO and co-founder of Archax.

"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. 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 described the money market fund offering as a huge step forward.

“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," he said.

"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.”

Shayne Higdon, CEO of The HBAR Foundation, added: “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.”