In a significant move for the crypto industry, BlackRock has debuted its tokenized asset fund on the Ethereum network and solidified its commitment to asset tokenization by investing in Securitize, a leading company in the field.
The fund, represented by the blockchain-based BUIDL token, boasts full backing from cash, U.S. Treasuries, and repurchase agreements.
BlackRock has officially launched its tokenized asset fund on the Ethereum network and made a strategic investment in asset tokenization company Securitize. The fund, represented by the blockchain-based BUIDL token, is fully backed by cash, U.S. Treasuries and repurchase…
— Wu Blockchain (@WuBlockchain) March 21, 2024
Moreover, it promises to distribute daily earnings to token holders via the blockchain, marking a pioneering step in traditional finance’s integration with blockchain technology.
Paul Grewal, Coinbase’s chief legal officer, weighed in on Ethereum’s regulatory status, asserting that ETH should be classified as a commodity rather than a security.
This stance aligns with the SEC’s long-standing position and has been reinforced by unanimous rulings from the CFTC and federal courts.
Sigh… again with the ETH misinformation as we await a decision on ETH ETPs. Ok–let’s talk about some basic facts about Ethereum. Millions of Americans hold ETH; it has been vital to crypto since its 2015 launch; and ETH is a commodity, not a security. 1/10
— paulgrewal.eth (@iampaulgrewal) March 20, 2024
Grewal’s comments come amidst anticipation surrounding the approval of an Ethereum Exchange-Traded Product (ETP) application, with industry experts believing that the SEC lacks valid grounds for rejection.
Ethereum ETH’s Market Value Recovers 6% Today
Meanwhile, Ethereum’s market performance saw a notable uptick, with a 6% recovery observed today, pushing its price to $3548.
Lookonchain data revealed substantial activity from a prominent whale, who deposited a significant amount of ETH into Binance over the past 24 hours.
A giant whale deposited 12K $ETH($39.75M) to #Binance 1 hour ago and may sell it.
He also deposited 9K $ETH($29.14M) into #Binance yesterday and withdrew 30M $USDT from #Binance.
This whale started trading $ETH in 2017 and appears related to Youbi Capital.… pic.twitter.com/HJFoGDgTiq
— Lookonchain (@lookonchain) March 20, 2024
The whale’s actions have sparked speculation about potential sell-offs in the near future. Notably, this individual has been active in ETH trading since 2017 and has ties to Youbi Capital, a notable player in the crypto investment space.
As BlackRock’s foray into tokenized assets unfolds and regulatory clarity surrounding Ethereum continues to evolve, the crypto market anticipates further integration of traditional financial instruments into blockchain ecosystems, ushering in a new era of innovation and opportunity.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.