Galaxy Digital (GLXY), the digital investment firm helmed by Mike Novogratz, is set to unveil a tokenized money-market fund, according to sources familiar with the initiative.
The firm, based in New York City, aims to infuse a more crypto-centric approach into the lineup of traditional finance-driven tokenized funds, such as BlackRock’s BUIDL and Franklin Templeton’s BENJI token, as noted by the sources who requested anonymity.
This upcoming Galaxy fund, expected to launch in the coming months, will ultimately be accessible across the Ethereum, Solana, and Stellar blockchains. However, it won’t be available on all three blockchains at launch, according to one source. Anchorage Digital will serve as the custodian for the new fund.
“The primary goal is to leverage the power of tokenization to deliver immediate liquidity, and there’s much innovation ahead,” the source stated. “Galaxy has gained insights from observing BUIDL and other similar funds in the market, noting who engages with these offerings, how they do so, and how improvements can be made.”
A spokesperson for Galaxy Digital chose not to comment on the fund. Anchorage Digital has yet to respond to requests for comments.
BlackRock’s BUIDL fund, which currently boasts a market cap of approximately $2.2 billion, launched on the Solana blockchain in March after its debut on Ethereum.
Read more: Galaxy Digital Tokenizes Its Shares on Solana With Superstate
