The largest asset management company in the world hopes to close the gap between new technology and traditional markets with this move.
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Financial behemoth BlackRock has introduced its first tokenized fund on the Ethereum blockchain as part of its most recent cryptocurrency venture. BUIDL, or the BlackRock USD Institutional Digital Liquidity Fund, is fully secured by cash and bills issued by the United States Treasury as well as repurchase agreements. It offers qualified investors the chance to generate yields denominated in US dollars.
BlackRock has teamed up with BNY Mellon to serve as the fund’s asset custodian, and Securitize as a transfer agent and tokenization platform. In addition, BitGo, Coinbase, Fireblocks, and Anchorage Digital Bank NA make up the ecosystem of the fund, which will supply the fund with infrastructure.
Robert Mitchnick, head of digital assets at BlackRock, said, “This is the latest evolution of our digital assets strategy.” “We are thrilled to work with Securitize and are focused on creating solutions in the digital assets space that help solve real problems for our clients.”
Last year, the British Virgin Islands served as the initial registration location for the BlackRock USD Institutional Digital Liquidity Fund. For the fund, it submitted a Form D to the US Securities and Exchange Commission.
“BUIDL will provide significant advantages to investors by permitting ownership to be issued and traded on a blockchain, increasing investor access to on-chain offerings, facilitating instantaneous and transparent settlement, and facilitating cross-platform transfers,” according to BlackRock.
What is the BlackRock Fund’s operational framework and tokenization?
CryptoCaster Quick Check:
Tokenization is the process of digitally representing real-world assets on a blockchain. BlackRock has repeatedly stated that the introduction of exchange-traded funds (ETFs) and the tokenization of financial assets are part of its digital asset strategy.
To participate in BUIDL, eligible investors must register with Securitize and create a digital wallet with at least $25 million in investable assets. A $5 million initial investment is required to access the fund. Tokens are available for purchase at a fixed price of $1, and investors can earn interest on their token purchases. On the blockchain network, transferring tokens between wallets is simple.
Everyone is seeking a share of the blockchain
A few months ago, BlackRock introduced iShares Bitcoin Trust, the biggest Bitcoin ETF, which has since continued to draw record inflows. Tokenized versions of money-market funds and exchange-traded funds (ETFs) have been introduced by other titans of the investment world, including Franklin Templeton and Ondo Finance.
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