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The fund will reach Arbitrum, Aptos and three other networks.
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BUIDL became the largest tokenized fund in the world.
The world’s largest asset manager, BlackRock, announced the expansion of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) investment fund to five other networks in addition to Ethereum.
In one press releasethe entity explained that, after the experience in the second most valued network in the market, they will now land in Aptos, Arbitrum, Avalanche, OP Mainnet of Optimism, and Polygon.
For BlackRock, this action represents “the next step in the evolution of the tokenization market.” This is so since the initiative allows BUIDL be used within the main financial products and the infrastructure of those networks.
“Each new Blockchain makes it easier for the ecosystem of applications and users to natively interact with BUIDL, offering on-chain returns with flexible custody, near-instantaneous peer-to-peer transfers 24 hours a day, and the accumulation and distribution of dividends directly in the chain,” says BlackRock.
The company says that this expansion not only offers greater flexibility and access to investors, but also to decentralized autonomous organizations (DAO) and other companies focused on digital assets. According to BlackRock, this allows developers leverage the fund in your preferred ecosystemthus expanding its usefulness and reach.
After BlackRock’s announcement, the cryptocurrencies of the networks on which BUILD will now work rose in price, as seen on CoinMarketCap.
Avalanche (AVAX) rose 8.7% from $32.1 to $34.9. Optimism (OP), meanwhile, increased 3.9%, going from USD 1.53 to USD 1.69. Polygon (POL), for its part, rebounded 5.4%, going from $0.37 to $0.39. And Aptos (APT) rose 6.8%, going from $11.7 to $12.5.
However, the behavior of the currencies later coincided with a correction, which left them trading, at the close of this report, at $32.3 in the case of AVAX, USD 1.61 for OP, 0.36 for POL and 11 .6 for APT.
Cryptocurrencies rose in price after the announcement, although they later corrected. Source: CoinMarketCap.
BUIDL is the largest tokenized investment fund in the world
BUIDL has quickly emerged as the world’s largest tokenized fund in terms of assets under management (AUM). In less than 40 days since its launch, it had already reached this position.
According to data of RWA, BUIDL has a market capitalization of $544 million, surpassing competitors such as Ondo US Dollar Yield (USDY) with $452 million and Franklin OnChain US Government Money Fund (FOBXX) with $409 million.
BUIDL has a market capitalization of $544 million. Source: RWA.
The BUIDL Fund It was presented in March of this yearas reported by CriptoNoticias, and operates similarly to a stablecoin. BUIDL hodlers receive monthly interest payments directly into their wallets.
This fund was launched in collaboration with Securitize, a company specialized in tokenization. Shortly after its launch, there were already raised 250 million dollarspositioning itself at that time as the second largest tokenized investment fund in the world.
Carlos Domingo, CEO of Securitize, states that the tokenization of real-world assets is scaling, which is why he values adding these networks “to increase the potential of the BUIDL ecosystem.”
“With these new networks, we will begin to see more investors looking to leverage the underlying technology to increase efficiency in all the things that until now have been difficult to do,” he reflected.
The announcement also highlighted that US bank BNY Mellon has played a crucial role as administrator and custodian of the BUIDL fundfacilitating its implementation in these new networks.
BlackRock says that this reinforces the bridges between traditional and digital financial ecosystems, in line with recent statements by the president of the Securities and Exchange Commission (SEC), Gary Gensler, who reported in September that Bitcoin-ethereum-etf-gensler/” target=”_blank” rel=”noreferrer noopener”>BNY Mellon can custody bitcoin and Ethereumbeyond the ETFs of both digital currencies.
This article was created using artificial intelligence and edited by a human Editor.
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