Federated Hermes plans to issue tokenized fund shares for the first time in early next year.
52 minutes ago
Pittsburgh-based investment management firm Federated Hermes (FHI), which oversees $911 billion in assets, plans to launch its first tokenized fund shares early next year, joining Wall Street’s wave of bringing traditional investment products to blockchain. The company said Tuesday it has partnered with New York-based digital securities infrastructure provider Prometheum to offer its upcoming product to investors via traditional brokers and financial advisors. Federated Hermes has not yet disclosed the specific funds it plans to tokenize or the blockchain it will use. Kevin Barr, the firm’s director of digital asset products and platforms, told reporters that money market funds are likely to be among the first tokenized products.
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