According to Odaily, Marketnode, a digital market infrastructure operator established by SGX and Temasek, has announced plans to launch a blockchain-based fund settlement infrastructure as early as late June. The company has reportedly spent approximately 12 months developing a commercially viable fund settlement platform, Fundnode, a process that typically takes between three to five years. During its trial run, Marketnode tested the platform's fund transaction management, processing, and record-keeping capabilities.
Marketnode's President, Rehan Ahmed, anticipates announcing more strategic partners for the Fundnode network later in 2024. These partners are expected to include financial institutions and infrastructure participants. Additionally, Gateway, a one-stop issuance, tokenization, and asset service platform, plans to launch tokenized credit products, such as bonds and loans, in the first quarter of 2025.
In other news, Marketnode recently completed a Series A funding round led by HSBC, with participation from existing shareholder Temasek. The funds raised will be used to expand Marketnode's platform in key asset categories such as digital fixed income and structured products, participate in the upcoming Fundnode, and launch other tokenized asset products. As part of HSBC's investment, John O'Neill, Global Head of Digital Asset Strategy at HSBC, will join Marketnode's board of directors.