BlackRock’s Tokenized Fund Draws $240 Million Since Debut
- BlackRock’s tokenized fund is built on Ethereum blockchain
- Fund tokens can be transfered between approved digital wallets
BlackRock headquarters in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
BlackRock Inc.’s money-market fund that records share ownership on the Ethereum blockchain has attracted more than $240 million since its debut a week ago.
The BlackRock USD Institutional Digital Liquidity Fund invests in cash, US Treasury bills and repurchase agreements. Holders of the fund receive a cryptocurrency called BUIDL that is valued at $1 per token. Digital wallets approved by Securitize, BlackRock’s partner for the investment vehicle, can transfer the tokens to other validated addresses.