JPMorgan unveils first tokenised money market fund

JPMorgan is launching its first tokenised money market fund on the Ethereum blockchain.

The asset management firm is seeding the fund with $100m of its own capital and opening the vehicle to external investors on Tuesday (16 December), according to The Wall Street Journal.

The private fund – My OnChain Net Yield fund or ‘MONY’ – is supported by JPMorgan’s tokenization platform, Kinexys Digital Assets. The minimum investment is $1m and the strategy is open to individuals with at least $5m in investments and institutions with a minimum of $25m.

Investors can access the MONY fund through the bank’s Morgan Money portal, a money market investing platform, in exchange for digital tokens in their crypto wallets.

John Donohue, head of global liquidity at JP Morgan Asset Management said there is huge interest in tokenization from clients, adding: “We expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain.”