Odaily reported that Ondo Finance has announced the signing of a memorandum of understanding with Mirae Asset, the South Korean asset management giant. Under the arrangement, the two parties will work through Ondo Global Markets, described as a tokenized securities platform, to tokenize the Global X ETF product line under Mirae Asset.
Rollout to begin with U.S.-listed Global X ETFs
According to the agreement, the collaboration will begin with Global X ETF products listed in the United States. After that initial stage, the scope will expand to fund products listed in Europe, Hong Kong, Japan, Canada and Australia. The announced plan focuses specifically on the tokenization of the Global X ETF product line owned by Mirae Asset.
The division of responsibilities has also been set out in the announcement. Mirae Asset will continue to serve as the asset manager for the underlying ETF assets, while Ondo will provide the tokenization infrastructure and on-chain distribution services. Ondo Global Markets will be the platform used for the tokenized securities component of the cooperation.