Fidelity, a major investment firm, is looking to add a blockchain twist to one of its funds. They’ve filed paperwork with the SEC to launch a new version of their Fidelity Treasury Digital Fund, focusing on increased transparency.
A More Transparent Treasury Fund
The current fund mainly invests in U.S. Treasury bills. The new version, called the “OnChain” share class, will record all transactions on the Ethereum blockchain. This means that anyone can, in theory, see who owns shares, although the official record will still be kept separately. Fidelity clarifies that the blockchain record is secondary and will be checked daily against the official records.
Ethereum and Beyond
The OnChain share class will initially use the Ethereum network, but the filing suggests other blockchains might be used in the future. The plan is to launch this new share class in May.
Important Note: This information is for general knowledge only and is not financial advice. Always do your own research before making any investment decisions.
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