BlackRock announced Tuesday its first tokenized access to funds in Europe through onchain share classes minted on the Ethereum blockchain, in partnership with Kinexys by JPMorgan.
The rollout covers select BlackRock Institutional Cash Series money market funds representing a combined $311 billion in assets under management as of June 30, the asset manager said in a statement shared with The Block.
According to the statement, the launch utilizes Kinexys' asset tokenization platform as a translation layer between onchain activity and traditional fund registers.
Each digital token represents an underlying ICS fund share, while the official shareholder register continues to be maintained via the fund's transfer agent infrastructure.
BlackRock said the rollout covers 12 tokenized share classes across its ICS Euro Government Liquidity, Sterling Government Liquidity, U.S.
