U.K. Pension Giant L&G Looks to Enter Crypto's Tokenization Space
Summary
Legal & General (L&G), managing $1.5 trillion in assets, plans to enter the blockchain-based tokenization market. Tokenization, which involves representing traditional assets like U.S. Treasuries-backed funds via blockchain tokens, is gaining traction among financial firms. This trend accelerated with BlackRock's BUIDL fund on Ethereum, followed by offerings from Franklin Templeton, State Street, and Abrdn. L&G is exploring ways to offer its Investment Management Liquidity funds in tokenized form. The firm emphasizes that digitizing the funds industry enhances efficiency, reduces costs, and broadens investment access. L&G's blockchain involvement began in 2019 with AWS for managing bulk annuities.
