BlackRock strengthens tokenization push with BUIDL’s multi-chain expansion

Share This Post

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has expanded its reach to multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon, according to a Nov. 13 statement.

This expansion is part of BlackRock’s strategy to strengthen its tokenization efforts, transforming BUIDL into a multi-chain asset. It enables users and applications within these blockchain ecosystems to access BUIDL more efficiently.

The fund, which primarily invests in US Treasuries, cash, and other liquid assets, will offer new users across these blockchain networks features such as on-chain yield, flexible custody, real-time peer-to-peer transfers, and on-chain dividend accrual and distribution.

Securitize CEO Carlos Domingo emphasized that the expansion aligns with the company’s vision to build a tokenization-based ecosystem. He pointed out that these new blockchains would enhance BUIDL’s potential, especially as the tokenization of real-world assets continues to gain traction.

He stated:

“With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.”

BNY Mellon, the fund’s administrator, is backing this expansion and will continue to act as its custodian across these additional blockchain networks.

BUIDL’s growth

According to the press statement, BUIDL became the largest tokenized fund by assets under management (AUM) less than 40 days after its launch on the Ethereum blockchain. According to DeFillama data, BUIDL’s market capitalization stood at $518 million at the time of writing.

The expansion to other blockchain networks opens up new investment opportunities for decentralized autonomous organizations (DAOs), digital asset firms, and other market participants.

Meanwhile, the expansion also brings new management fees for different networks. The fund’s users across Aptos, Avalanche, and Polygon PoS will be charged a fee of 20 basis points, while Arbitrum, Ethereum, and Optimism users will incur a 50-basis-point fee.

Additionally, BlackRock will receive quarterly fees from Aptos, Avalanche, and Polygon based on the average value of the relevant share class each quarter.

The post BlackRock strengthens tokenization push with BUIDL’s multi-chain expansion appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

World Lands in Brazil: Launching Biometric Operations in São Paulo

World, the biometric proof-of-humanness-based project, has finally landed in Brazil and is expected to start operating in the country this week According to local media, World will initially commence

Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News

Crypto analyst MadWhale has predicted that the Shiba Inu price could suffer a significant crash soon enough Based on the analysis, this price correction is simply a healthy retracement that could

Pennsylvania House Moves To Add Bitcoin To State Balance Sheet As Reserve Asset

As President-elect Donald Trump prepares to take office again in January, his proposal to create a national Bitcoin reserve is gaining momentum across the United States  Several states are now

Report: Polymarket Under DOJ Probe After Explosive Bets on Trump-Harris Election

A Bloomberg report suggests that the prediction market Polymarket has caught the eye of the US Department of Justice (DOJ), potentially facing a probe ‘In the Face of Adversity, We Build’:

Tether Launches Hadron; Aims To Make Asset Tokenization More Accessible Than Ever

The post Tether Launches Hadron; Aims To Make Asset Tokenization More Accessible Than Ever appeared first on Coinpedia Fintech News Tether, the crypto firm behind USDT, revealed on Thursday that it

Best Cryptocurrencies to Invest in Right Now – Flow, BNB, ZetaChain

Bitcoin recently hit a new all-time high of $89,000, sparking positive movement across several major altcoins Altcoins tend to follow Bitcoin’s price trends, so other