Asset management giant BlackRock (BLK) officially announced its tokenized wealth fund on the Ethereum network on Wednesday. BlackRock USD Institutional Digital Liquidity Fund is represented by the blockchain-based BUIDL token. The token is backed entirely by cash, US Treasury bonds and repurchase agreements. Additionally, according to the statement, it will provide altcoin holders with returns paid via blockchain every day. Here are the details…
BlackRock announces tokenized asset fund
BlackRock said Securitize will act as a transfer agent and tokenization platform, while BNY Mellon will be the custodian of the fund’s assets. Anchorage Digital Bank NA, BitGo, Coinbase and Fireblocks also join the fund’s ecosystem. The press release also stated that BlackRock has made a “strategic investment” in Securitize. However, the terms of the agreement were not disclosed. Robert Mitchnick, Head of Digital Assets at BlackRock, said:
This is the latest advancement in our crypto asset strategy. We are focused on developing solutions that help solve real problems for our customers in the cryptoassets space. We are excited to work with Securitize.
Partnership revealed following regulatory filing
The announcement comes after a regulatory filing revealed that BlackRock had established a fund with Securitize. This has spurred speculation of a tokenized fund, with observers pointing to blockchain transactions as seeding the tool. BlackRock is the latest traditional finance giant to enter the tokenization space after Citi, Franklin Templeton and JPMorgan made strides in the technology. Known as tokenization of real-world assets (RWA), it is a rapidly growing use case for Blockchains due to the greater intertwining of traditional finance (TradFi).
RWA-focused altcoin projects experienced an increase
RWA coins have experienced significant price fluctuation in the last 24 hours with the funding announcement from BlackRock. Let’s take a look at the performance of some important coins:
- Decentralized ETF (DETF): It rose 150.9% to $0.06673.
- Polymesh (POLYX): It rose 78.6% to $0.3914.
- Etherland (ELAND): It rose 77.3% to $0.04307.
- Ondo (ONDO): It rose 35.8% to $0.747.
- Clearpool (CPOOL): It rose 29.7% to $0.1954.
- Centrifuge (CFG): It rose 46.1% to $0.9359.
- TrueFi (TRU): It rose 44.6% to $0.09608.
- Boson Protocol (BOSON): It rose 42.9% to $0.4218.
- Realio (RIO): It rose 67% to $1.43.
- Credefi (CREDI): It rose 66% to $0.01401.
- TokenFi (TOKEN): It rose 56% to $0.09693. cryptokoin.com As we reported, TokenFi is a project of the popular meme coin FLOKI.
Other altcoins that have risen very high in the RWA area attract attention in the image below. Still, RWA coins are a relatively new asset class and their prices are likely to be subject to high volatility. Therefore, it is important that you do detailed research and consider the risks before investing.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.