Galaxy Digital is expanding its digital asset footprint with plans to launch a tokenized money-market fund. The New York-based company, led by Mike Novogratz, wants to give investors a crypto-friendly alternative to similar funds offered by big players like BlackRock and Franklin Templeton.
The fund will roll out in the coming months and promises to operate across Ethereum, Solana, and Stellar. However, it will not launch on all chains at once. Anchorage Digital will serve as custodian for the fund.
The move highlights Galaxy’s ambition to blend traditional investment structures with blockchain innovation. “The overarching ambition is to use the power of tokenization to offer instant liquidity,” one person familiar with the plan explained.
Moreover, Galaxy has closely observed BlackRock’s $2.2 billion BUIDL fund and Franklin Templeton’s BENJI token. Hence, the company believes it can improve on engagement and usability by refining investor access and liquidity features.
Expansion Through Tokenization
Besides its tokenized fund, Galaxy has deepened its involvement in Solana. On Sunday, it purchased $306 million worth of Solana tokens in a single day, as per Lookonchain.
The firm acquired 1.2 million SOL from various exchanges and secured them with Fireblocks. Consequently, this adds to a buying spree that surpassed $1.5 billion in recent days.
Additionally, Galaxy announced joining forces with Multicoin Capital and Jump Crypto to invest in Forward Industries. The company, once focused on medical devices, has now switched Solana treasuries raising $1.65 billion.
Galaxy is also exploring how tokenized funds and treasury investments can transform digital finance. Plus, their capability to provide instant liquidity across various blockchains could shake things up for traditional financial players.
Galaxy is placing its bets on tokenization and accumulating Solana to spearhead institutional crypto adoption, showing its belief in blockchain technology.
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