According to the Wall Street Journal, US banking giant JPMorgan 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 stated that it launched the fund after confirming significant customer demand for tokenization.
The fund, which is scheduled to open to investors on Tuesday, will be accessible to eligible investors.
The WSJ report stated that the private fund in question would be called My OnChain Net Yield Fund (MONY).
John Donohue, JPMorgan Asset Management’s global head of liquidity, expressed optimism about the initiative, saying, “There’s a lot of interest from clients in tokenization.”
*This is not investment advice.