JPMorgan deepens its foray into the cryptocurrency space through tokenized money market funds

The bank's $4 trillion asset management division will launch its first tokenized money market fund on the Ethereum blockchain.

JPMorgan will seed the fund with $100 million of its own capital and open it to external investors on Tuesday.

JPMorgan JPM0.36% is joining the ranks of traditional financial institutions, attempting to apply blockchain technology to investment-based products: money market funds.

Called the "On-chain Net Yield Fund," or "MONY," this private fund is supported by JPMorgan's tokenized platform Kinexys Digital Assets

and will be open to qualified investors, with a minimum individual investment of $5 million and a minimum institutional investment of $25 million. The fund's investment threshold is $1 million.