UK pension giant L&G seeks to enter cryptocurrency tokenization space

Odaily News Tokenization, or representing traditional assets such as money market funds backed by U.S. Treasuries through tokens on the blockchain, is becoming increasingly popular among traditional financial firms. Legal & General (L&G), a London-based pension and investment management firm with $1.5 trillion in assets under management, is planning to enter the blockchain-based tokenization field that is becoming increasingly popular among financial giants. The trend has further accelerated as BlackRock, the world's largest asset manager, launched its BUIDL fund on the Ethereum blockchain. Other companies include Franklin Templeton, State Street and Abrdn. L&G executives said, "We are evaluating ways to offer Legal & General Investment Management's liquidity fund in a tokenized form."