Goldman Sachs, BNY to Record Money Market Funds on Blockchain

Bank of New York Mellon Corp. and Goldman Sachs Group Inc. are collaborating to use blockchain technology to maintain an ownership record of money market funds.

The so-called tokenization of real world assets has been promoted heavily as one of the most viable use cases for blockchains, the distributed ledger technology that underpins most cryptocurrencies. BlackRock Inc., Franklin Templeton, and KKR & Co. all have announced efforts to tokenize certain parts of their funds. Mckinsey estimated the tokenization market could swell to $2 trillion by 2030 in a report published last year.