Digital asset bank Sygnum will tokenize $50 million of its client Matter Labs’ reserves held in the Fidelity Institutional Liquidity Fund.
The crypto-forward banking group is tokenizing funds in the Fidelity Institutional Liquidity Fund, the first time it has tokenized traditional assets.
The funds will be tokenized onto the Ethereum-based zkSync layer-2 blockchain, which Matter Labs curates. The tokenized funds will represent part of Matter Labs’ holdings in the Fidelity Institutional Liquidity Fund, an open-ended $6.3-billion umbrella for money-market funds that is domiciled in Ireland.
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