According to PANews, Guggenheim Treasury Services, a subsidiary of Wall Street giant Guggenheim Partners, has partnered with blockchain platform Zeconomy to issue $20 million in tokenized commercial paper on the Ethereum blockchain.

Zeconomy CEO Giacinto Cosenza said that with the success of crypto ETFs, the demand for digital assets is "huge." The issuance marks a new development in the tokenization of traditional financial assets (RWA), a field that has grown to a market value of $12 billion.

Guggenheim has also been involved in the crypto market before, with its Macro Opportunities Fund holding exposure to the Grayscale Bitcoin Trust.