BlackRock Fund Tokenized On Hedera Network—Here’s What You Should Know

April 24, 2024 9:26 pm Comments

In a significant development, Archax and Ownera have tokenized BlackRock’s U.S. Treasury Money Market Fund.

However, we have to note that this is a collaboration between these two firms to bring a tokenized version of the BlackRock fund to the Hedera network—BlackRock is not involved in the project.

Mistaken investors traded the news on Tuesday and were able to pump the price of HBAR; however, the price has since experienced a steep correction. The HBAR Foundation announced on Tuesday:

“This additional BlackRock MMF, along with existing offerings, are all available directly on the Archax Ex platform, as well as through connected networks available to professional and institutional clients.”

CoinDesk provided this statement from BlackRock’s spokespeople:

“BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenise any BlackRock funds.

As we have in the past, BlackRock will communicate directly with the public on the evolution of our digital asset strategy.”

HBAR surged by 96% to a recent high of $0.18 due to the misinterpreted news and then fell sharply. The digital asset is trading around $0.12 at the time of this writing.

According to Coin Telegraph:

Some crypto influencers with large X followings shared a misinterpretation of the post — which had amassed over 1.6 million views and 2,700 reposts over the last 15 hours — believing it to mean BlackRock was responsible for the $22.3 billion fund’s move onto the blockchain or had partnered with Archax and Ownera.

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