Bank of New York Mellon Corp. and Goldman Sachs Group Inc. are collaborating to use blockchain technology to maintain an ownership record of money market funds.

Goldman Sachs and BNY have joined hands to launch digital tokens that mirror shares of money market funds, deepening Wall Street's push to bring blockchain technology into traditional finance.

The banking giants join a growing list of traditional financial firms seeking to bring crypto technology to assets ranging from stocks and investment funds to commodities.