BlackRock Introduces Digital Asset Fund Supported by $100 Million on Ethereum

Publish on 19 March 2024

Asset management giant BlackRock is making strides in the digital asset industry with the launch of a tokenized digital asset fund, as revealed in a recent SEC filing. The new fund, named the BlackRock USD Institutional Digital Liquidity Fund, has been seeded with $100 million in USDC stablecoin on the Ethereum Network.

The fund, incorporated in the British Virgin Islands, is a collaborative effort between BlackRock and Securitize, a tokenization firm. BlackRock's deposit of Circle’s USDC stablecoin into an Ethereum wallet marks a significant step in the company's exploration of digital assets.

This move comes on the heels of BlackRock's earlier foray into the digital asset space with the launch of its Spot Bitcoin ETF, which has proven to be one of the top-performing Bitcoin products among new launches in 2024. Additionally, BlackRock has a pending application for a spot Ethereum (ETH) ETF, awaiting approval from the SEC.

BlackRock's CEO Larry Fink has previously emphasized the importance of tokenization, stating that BTC and ETH ETFs are just "stepping stones" toward this future. The launch of the digital asset fund underscores BlackRock's commitment to embracing tokenization and staying ahead in the evolving landscape of finance.

Moreover, BlackRock's venture into tokenization signifies a significant milestone in the tokenization of real-world assets. Tokenization holds promise for enhancing efficiency and enabling faster settlements by placing traditional assets on blockchain platforms, bridging the gap between digital assets and traditional finance.

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