Sygnum tokenises Matter Labs' treasury reserves in USD 6.9bn Fidelity MMF
On behalf of its client Matter Labs, Sygnum is investing USD 50m into Fidelity's Institutional Liquidity Fund (ILF)
- On behalf of its client Matter Labs, Sygnum is investing USD 50m into Fidelity's Institutional Liquidity Fund (ILF)
ZURICH, March 19, 2024 /PRNewswire/ -- Sygnum, a global digital asset banking group, is tokenising USD 50m of Matter Labs' treasury reserves onto the zkSync blockchain. - The Sygnum-issued security tokens act as on-chain representations of units from Fidelity International's ("Fidelity") USD 6.9bni Institutional Liquidity Fund (ILF) to generate a secure and transparent "Proof-of-Reserves."
- The investment marks the first step of Matter Labs' long-term strategy to move its treasury reserves on-chain with institutional custodians like Sygnum.
- Matter Labs' strategic move bringing its treasury reserves on-chain is part of the growing Real World Assets (RWA) tokenisation trend which in 2023 increased 74% to USD 2.5bnii.