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

WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains

WIF is making a powerful return to the market, as bullish momentum takes hold and drives the price higher After showing signs of resilience, the digital asset is on an upward trajectory, with strong

Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?

The Dogecoin price has entered another stage of bullish momentum that has reignited inflows from traders Notably, the DOGE price has surged by about 163% over the past 24 hours This surge has brought

Solana (SOL) and Chainlink (LINK) Skyrocketed Despite BTC Dominance – Will This New Exchange-Based Crypto Flip BNB? 

The post Solana (SOL) and Chainlink (LINK) Skyrocketed Despite BTC Dominance – Will This New Exchange-Based Crypto Flip BNB  appeared first on Coinpedia Fintech News Like they say, it’s

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

The SEC’s record-breaking enforcement year revealed unprecedented financial penalties and bold action against high-risk sectors, including crypto and private funds, marking a pivotal moment for

The gaming lesson from Off The Grid and Telegram? Put blockchain in the background

The following is a guest post from Leo Li, CVO and Chief Growth Officer at CARV Off The Grid could be the mainstream moment we’ve been waiting for in web3 gaming – not because it flaunts

XRP On The Rise: Bullish Resilience Signals Potential Rally To $1.9

XRP continues to shine as bullish momentum propels the price closer to the $17 target This steady climb highlights the strength of buyer confidence and reinforces the optimism surrounding its upward