Federated Hermes Plans to Launch Onchain Fund Shares Next Year, Joining Wall Street's Asset Tokenization Wave

Odaily News: Federated Hermes, an asset management firm with $911 billion in assets under management, plans to launch its first onchain fund shares early next year, further joining Wall Street's wave of bringing traditional assets onchain.

Federated Hermes has partnered with digital securities infrastructure company Prometheum to bring blockchain-based fund shares into traditional brokerage accounts and financial advisor channels. The company has not yet disclosed the specific types of tokenized funds or the blockchain networks to be used, but Kevin Barr, head of digital asset products and platforms, said money market funds could be among the first tokenized products. (CoinDesk)