According to a report by CoinDesk, London-based financial services group Legal & General (L&G), with assets under management of $1.5 trillion, is planning to enter the tokenization field based on blockchain technology.
Ed Wicks, Global Head of Trading at Legal & General Investment Management (LGIM), a subsidiary of L&G, stated when asked about the company’s plans:
“We believe digitalization in the fund industry is crucial for improving efficiency, reducing costs, and providing diversified investment solutions to a wider range of investors. We look forward to further progress in this field.”
L&G’s involvement in blockchain technology dates back to 2019 when the company announced plans to use Amazon Web Services (AWS), a cloud computing division of Amazon, to manage and record its bulk annuity business using blockchain systems.
Tokenization refers to representing traditional assets (such as US Treasury-backed money market funds) through tokens on the blockchain. This technology has been adopted by an increasing number of traditional financial companies in recent years. The trend accelerated after large asset management company BlackRock launched the BUIDL Fund on the Ethereum blockchain.
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