BlackRock Launches Tokenized Fund on Public Blockchain
ETF Proposal for Ethereum Ether (ETH) in the Works
Partnership with Securitize for Ethereum-Based Money-Market Fund
NEW YORK, March 20, 2024 - BlackRock, the world's largest asset manager, has made a significant foray into the world of digital assets with the launch of its first tokenized fund issued on a public blockchain. This move deepens BlackRock's involvement in the cryptocurrency space and demonstrates the growing institutional adoption of blockchain technology.
The tokenized fund, which has not yet been named, will be issued on the Ethereum blockchain. BlackRock is also working on creating an exchange-traded fund (ETF) that holds Ethereum's native cryptocurrency, ether (ETH). This plan would make it easier for investors to gain exposure to Ethereum without having to purchase the cryptocurrency directly.
In addition to its tokenized fund and ETF proposal, BlackRock has partnered with digital-assets specialist Securitize to launch a money-market fund that records share ownership on the Ethereum blockchain. This fund, which is expected to launch later this year, will provide investors with a secure and convenient way to earn yield on their digital assets.
BlackRock's entry into the tokenized fund market is a major milestone for the asset management industry. It signals a growing acceptance of digital assets and blockchain technology by institutional investors, and it is likely to attract more mainstream interest and investment in the future.
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