BlackRock Steps Into Cryptocurrency and NFT Investments with New Tokenization Fund
Summary:
BlackRock, the asset management giant, has been identified as the probable owner of a crypto wallet that recently received a deposit of $100 million in USD Coin (USDC). Onchain analysts linked the wallet to the company's new tokenization fund. Since then, various meme-based cryptocurrencies and NFTs have been sent to the wallet. The transactions align with BlackRock's recently filed plan to launch a digital liquidity fund through a collaboration with tokenization firm Securitize. CEO Larry Fink holds a considerably positive outlook on the tokenization of financial assets on Ethereum. The tokenization fund, known as "BUIDL," will offer investors the opportunity to earn U.S. dollar returns.
BlackRock, the asset management behemoth, has reportedly invested in and obtained ownership of at least $40,000 in meme-based cryptocurrencies and nonfungible tokens (NFTs). This came to light when onchain analysts identified a wallet presumably linked to the company's new tokenization fund. Reports indicate that on March 15, the fund received a $100 million deposit in the digital fodder currency USD Coin (USDC) on Ethereum. This falls in line with a filing made by BlackRock the previous day, announcing its plan to launch the BlackRock USD Institutional Digital Liquidity Fund through a collaboration with asset tokenization enterprise Securitize, based in San Francisco.
Since March 19, a variety of coins and NFTs have been sent to the wallet believed to be BlackRock's. These range from the Bitcoin-denominated Pepe (PEPE), to a CryptoDickbutts S3 NFT. Other notable inclusions comprise 500,000 unshETHing_Token (USH) and 10,000 Realio Network (RIO) tokens, which were the highest in value, with RIO increasing by 47% since BlackRock's acquisition, as per CoinGecko.
In addition, a sizeable quantity of Mog Coin (Mog), VoldemortTrumpRobotnik-10Neko (ETHEREUM), and Shina Inu (SHI) has been dispatched to the financial titan. Several stand-out NFTs from XChungos and KaijuKingz have also been sent to the said address.
Records indicate that a test deposit of $200 USDC was made on March 5 by the same address associated with BlackRock. A subsequent deposit of $10 was made before an amount of $99,999,960 was added several online blocks later on March 15.
BlackRock's CEO Larry Fink's standpoint on Bitcoin and blockchain technology has evolved significantly from a dismissive stance in 2017. In fact, by June 2023, BlackRock had even applied for a Bitcoin exchange-traded fund (ETF), which has since been granted and is recording some of the highest trading volumes in the ETF market.
Fink and his company now envisage the tokenization of financial assets on Ethereum as the future of finance. The newly established BlackRock USD Institutional Digital Liquidity Fund, symbolized as "BUIDL", will provide investors with the prospect of earning U.S. dollar returns via subscriptions on the Fund through Securitize Markets, LLC.
Published At
3/21/2024 3:34:46 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.