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BlackRock Launches Tokenized Asset Fund On Ethereum Network

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. 

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. 

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. 

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.