TL;DR
- Fidelity Investments has made a preliminary submission for a new fund, competing with major players like BlackRock and Franklin Templeton..
- Fidelity is committed to improving financial services through innovative technology, prioritizing customer security and privacy.
Fidelity Investments, a leading multinational financial services corporation, has just made a preliminary presentation of a new blockchain-based money market fund. This innovative fund would aim to enhance transaction speed and efficiency, making financial transactions simpler and more streamlined.
The announcement, made through documents filed with the U.S. Securities and Exchange Commission (SEC) on September 26, 2024, marks Fidelity’s first foray into leveraging blockchain technology for a money market fund. The new fund is expected to compete with similar offerings from major players like BlackRock and Franklin Templeton.
BlackRock’s blockchain fund has already attracted over $500 million in inflows. At the same time, Franklin Templeton has launched a tokenized market fund that is available on multiple blockchain platforms. Fidelity’s initiative follows its earlier efforts to tokenize money market fund shares through JPMorgan’s Ethereum-based Onyx Digital Assets platform.
Moving Forward
Fidelity remains committed to its mission of enhancing financial services through innovative technology. The new blockchain-based money market fund represents a significant step in this direction, promising to offer faster and more efficient transactions for its users.
A preliminary filing for a new blockchain fund shows the company’s intention to leverage cutting-edge technology to improve financial services.
