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

ChainCatcher news, the London-based pension and investment management company Legal & General (L&G), which manages $1.5 trillion in assets, is planning to enter the increasingly popular blockchain-based tokenization space favored by financial giants.

Tokenization (i.e., representing traditional assets through tokens on the blockchain, such as money market funds backed by U.S. Treasury securities) is becoming increasingly popular among traditional financial firms. This trend has been further accelerated by the world's largest asset management company BlackRock launching its BUIDL fund on the Ethereum blockchain. Other companies include Franklin Templeton, State Street, and Abrdn.

L&G executives stated, "We are exploring ways to offer Legal & General Investment Management liquidity funds in a tokenized form."