🌋 L&G Shakes Up Finance: $1.5 Trillion Giant Considers Tokenization
posted 21 Oct 2024
L&G, a London-based company managing $1.5 trillion in assets, is exploring the possibility of tokenizing a portion of its holdings. This initiative places the company alongside other major traditional firms that have entered the real-world asset (RWA) sector, including BlackRock, Franklin Templeton, and Abrdn.
Tokenization—converting traditional assets into cryptographically secure tokens—is gaining popularity. As of now, there are 83 projects in this space, with the total value of tokenized assets reaching $98 billion.
This trend has gained momentum since BlackRock launched its first tokenized fund, BUIDL, in March 2024. Investment giants such as Franklin Templeton, State Street, and Abrdn have also rolled out similar products.
Ed Wicks, global head of trading at L&G, stated that digitization of the funds industry is key to improving efficiency, reducing cost, and making a broad range of investment solutions available to a wider range of investors. He added that L&G expects continued progress in this area.
Read more: Best RWA Projects
Legal & General (L&G) is the largest financial services provider in the UK, founded in 1836. The company operates globally, managing pension savings for individuals and offering life insurance, pension services, and investment management.
Tokenization—converting traditional assets into cryptographically secure tokens—is gaining popularity. As of now, there are 83 projects in this space, with the total value of tokenized assets reaching $98 billion.
Value and Number of Projects in the RWA Sector. Source: dune.com
This trend has gained momentum since BlackRock launched its first tokenized fund, BUIDL, in March 2024. Investment giants such as Franklin Templeton, State Street, and Abrdn have also rolled out similar products.
Ed Wicks, global head of trading at L&G, stated that digitization of the funds industry is key to improving efficiency, reducing cost, and making a broad range of investment solutions available to a wider range of investors. He added that L&G expects continued progress in this area.
L&G began exploring blockchain technology back in 2019, announcing plans to use Amazon Web Services (AWS) blockchain solutions. The goal was to simplify the management and accounting of mass annuities, a fundamental aspect of the insurance business.
Read more: Best RWA Projects
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