BNP Paribas Asset Management (BNPP AM) has issued a tokenized share class of an existing money market fund (MMF) on the Ethereum blockchain. The issuance leveraged AssetFoundry, the tokenization platform from BNPP CIB that uses public blockchains, versus Neobonds which uses a Canton permissioned blockchain.
While the blockchain in this case was permissionless, this issuance used permissioned tokens and involved BNPP AM as issuer, with BNPP Securities Services acting as transfer agent, fund dealing services provider and wallet provider. The transaction was purely intragroup.
“By acting as transfer agent and leveraging the Group’s tokenisation infrastructure, we deliver a streamlined and secure operational setup that supports fund processes enabled by public blockchain infrastructure, within a regulated and permissioned context,” said Paul Daly, Head of Distribution Product Solutions at BNP Paribas’ Securities Services business.
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