UK pension giant L&G seeks to enter cryptocurrency tokenization space

Legal & General (L&G), a pension and investment management company headquartered in London that manages $1.5 trillion in assets, is planning to enter the increasingly popular field of blockchain-based tokenization. Tokenization, which represents traditional assets such as money market funds supported by U.S. Treasury bonds through tokens on the blockchain, is becoming more popular among traditional financial companies. This trend has further accelerated with the world's largest asset management company, BlackRock, launching its BUIDL fund on the Ethereum blockchain. Other companies include Franklin Templeton, State Street, and Abrdn. L&G executives said, "We are evaluating ways to provide Legal & General Investment Management liquidity funds in tokenized form."

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