Latest news with #OpenEden
Finextra
2 days ago
- Business
- Finextra
OpenEden selects BNY as custodian for tokenized T-Bills fund
OpenEden, a leading platform for the tokenization of Real-World Assets ('RWAs'), today announced the appointment of certain affiliates of The Bank of New York Mellon Corporation ('BNY') (NYSE: BK), a global financial services company, as investment manager and primary custodian for the underlying assets of its flagship Tokenized U.S. Treasury Bills ('$TBILL') Fund, the world's first tokenized U.S. Treasury fund to receive an investment grade 'A' rating from Moody's. 0 The strategic relationship highlights OpenEden and BNY's shared commitment to shaping the future of financial infrastructure by facilitating regulated and institutional-grade assets on chain for global investors. Launched in 2023, OpenEden's $TBILL provides investors with direct exposure to a pool of short-dated U.S. Treasury Bills ('U.S. T-Bills') and overnight reverse repurchase agreements through the minting of the TBILL token. $TBILL has seen rapid and accelerating adoption, indicating the surging demand from investors for regulated, institutional-grade on-chain cash management solutions. BNY Investments Dreyfus is one of the largest liquidity managers in the industry with more than five decades of proven expertise and will manage $TBILL Fund on OpenEden's behalf as sub-manager. As part of its mission to build the financial infrastructure for the future, BNY will also serve as the primary custodian for the underlying assets, leveraging its established infrastructure that administers US$55.8 trillion of assets and its proven track record providing asset servicing solutions that enable the digital assets ecosystem. 'OpenEden's collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,' said Jeremy Ng, Founder and CEO of OpenEden. 'Combining our tokenization platform with BNY's global scale and deep fiduciary expertise enables us to create a new standard for trust and access in the digital asset space.' 'BNY plays a critical role in the digital assets ecosystem, serving as a trusted bridge between traditional finance and emerging technology for clients,' said Jose Minaya, Global Head of BNY Investments and Wealth. 'We are excited to extend our time-tested liquidity investment management capabilities and asset safekeeping services to enable $TBILL and are proud to collaborate with OpenEden as we jointly aim to support the end-to-end lifecycle of tokenized assets.'
Crypto Insight
2 days ago
- Business
- Crypto Insight
OpenEden taps BNY Mellon to manage tokenized US Treasury assets
Real-world asset (RWA) tokenization platform OpenEden partnered with The Bank of New York Mellon Corporation (BNY Mellon) to manage and custody the underlying assets of its flagship tokenized US Treasury product, TBILL. OpenEden announced the partnership Wednesday, bringing one of Wall Street's largest and oldest custodians into the growing market for tokenized Treasurys. OpenEden said TBILL is the first tokenized US Treasury fund with a Moody's 'A' rating to have its assets managed by a global custodian. A Moody's 'A' rating means that the asset is of upper-medium-grade quality, which indicates low credit risk and a strong capacity to meet financial obligations. It's considered safe by traditional finance standards. OpenEden founder and CEO Jeremy Ng said combining their platform with BNY's 'deep fiduciary expertise' allows them to create a new standard of trust in the digital asset space. OpenEden says demand for tokenized US Treasury Bills grew The company said demand for the product has increased, reflecting interest in regulated, onchain cash-management solutions. OpenEden's TBILL product was launched in 2023 to give investors blockchain-based access to a pool of short-dated US Treasury Bills and overnight reverse repurchase agreements through the minting of the TBILL token. This means that the TBILL token represents a share of the underlying portfolio of US Treasury Bills that mature in the short term and their associated yield. OpenEden said BNY Mellon's investment management arm, Dreyfus, will act as sub-manager of the TBILL fund. Meanwhile, BNY will serve as the primary custodian for the underlying assets, using its infrastructure. BNY Mellon's global head of investments and wealth, Jose Minaya, said the bank sees itself as a bridge between traditional finance and emerging technology in the digital asset space. He said the partnership will allow BNY Mellon to extend its liquidity management expertise, adding that both companies aim to cover the full lifecycle of tokenized assets. BNY Mellon deepens tokenization footprint BNY Mellon has been active in the digital asset space since 2022, when it launched a digital custody platform to safekeep institutional clients' Bitcoin and Ether holdings. The service lets the bank store private keys and access to funds, and provides bookkeeping services to fund managers in other assets. On April 3, the bank launched a digital assets data insights product that delivers onchain and offchain data across blockchain networks, expanding its footprint in the crypto space. More recently, the bank partnered with Goldman Sachs on a money market fund project. On July 23, the two companies announced that they were preparing to offer institutional investors access to tokenized money market funds, which could unlock 24/7 market access and real-time settlement in capital markets. Source:
Yahoo
3 days ago
- Business
- Yahoo
BNY appointed investment manager for OpenEden's tokenised US Treasury fund
SINGAPORE (Reuters) -Singapore-based fintech firm OpenEden said on Wednesday it has appointed U.S. financial firm BNY as the investment manager and primary custodian for assets backing its tokenised U.S. Treasury fund. The fund, launched in 2023, provides investors with direct exposure to a pool of short-dated U.S. Treasury bills and overnight reverse repurchase agreements through the minting of Treasury bill tokens. It has nearly $300 million of assets under management. Doni Shamsuddin, head of Asia Pacific at BNY Investments, said this arrangement is the first time BNY is offering both investments and custody services to tokenised funds. BNY, or the Bank of New York Mellon Corporation, will manage the fund and invest in Treasury bills, money market funds and similar assets that will back the tokens issued by OpenEden. The move comes at a time of rising demand for tokenised money market funds and as big U.S. banks debate expanding into cryptocurrencies following strong endorsements from regulators. Tokenisation generally refers to the process of turning financial assets such as bank deposits, stocks, bonds, funds and even real estate into cryptocurrency assets listed on the blockchain. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
3 days ago
- Business
- Reuters
BNY appointed investment manager for OpenEden's tokenised US Treasury fund
SINGAPORE, Aug 13 (Reuters) - Singapore-based fintech firm OpenEden said on Wednesday it has appointed U.S. financial firm BNY (BK.N), opens new tab as the investment manager and primary custodian for assets backing its tokenised U.S. Treasury fund. The fund, launched in 2023, provides investors with direct exposure to a pool of short-dated U.S. Treasury bills and overnight reverse repurchase agreements through the minting of Treasury bill tokens. It has nearly $300 million of assets under management. Doni Shamsuddin, head of Asia Pacific at BNY Investments, said this arrangement is the first time BNY is offering both investments and custody services to tokenised funds. BNY, or the Bank of New York Mellon Corporation, will manage the fund and invest in Treasury bills, money market funds and similar assets that will back the tokens issued by OpenEden. The move comes at a time of rising demand for tokenised money market funds and as big U.S. banks debate expanding into cryptocurrencies following strong endorsements from regulators. Tokenisation generally refers to the process of turning financial assets such as bank deposits, stocks, bonds, funds and even real estate into cryptocurrency assets listed on the blockchain.
