BlackRock Seeks Bigger Foothold in Crypto Derivatives Market
- BlackRock wants exchanges to use its BUIDL token as collateral
- FalconX, Hidden Road already allow BUIDL’s use as collateral
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BlackRock Inc. is pushing to have its money-market digital coin more widely used as collateral for crypto derivatives trades, as Wall Street firms push deeper into digital asset markets.
The world’s biggest asset manager and its brokerage partner, Securitize, are in early talks with some of the largest global crypto exchanges about using BlackRock’s new BUIDL token as collateral for derivatives trades, people familiar with the matter said, requesting anonymity to discuss private deliberations. The exchanges include Binance, OKX and Deribit, the people said.