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Coinbase and BlackRock have launched BUIDL, which aims to blend blockchain with finance.
Coinbase, a leading cryptocurrency exchange, and BlackRock, the world’s largest asset manager, have allied to launch BUIDL. It is a blockchain-based fund that aims to offer a new feature of earning U.S. dollar yield by blending blockchain and traditional finance sectors.
Following the launch, Robert Mitchnick, digital asset head at BlackRock, notes that “This is the latest progression of our digital assets strategy,” he adds “We are focused on developing solutions in the digital assets space that help solve real problems for our clients, and we are excited to work with Securitize.”
BUIDL is developed for qualified investors and is managed by Securitize Markets, LLC. The platform maintains a stable token value, targeting safe investments similar to U.S. Treasury bills for reliable yield and flexibility.
“Tokenization of securities could fundamentally transform capital markets. Today’s news demonstrates that traditional financial products are being made more accessible through digitization. Securitize is proud to be BlackRock‘s transfer agent, tokenization platform and placement agent of choice in digitizing and expanding access to its investment products,” said Securitize co-founder and CEO Carlos Domingo.
The documents state that “BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new monthly tokens. The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain.”
Other News
The most popular Ethereum Foundation faces trouble as a ‘state authority’ has questioned the institution. Despite this, the price of Ethereum continued to grow, adding 5% in the past 24 hours.
How is Coinbase Backing Crypto Market Growth?
For spot trading, Coinbase is the second most used cryptocurrency exchange; it offers trading of more than 300 crypto trading pairs. The investment arm of Coinbase has made significant investments and has backed the growth of hundreds of startups.
According to Rootdata, Coinbase Ventures has invested in 111 crypto infrastructures, 90 Decentralized Finance (DeFi), 41 Centralized Finance (CeFi), 29 Nonfungible tokens (NFTs), 10 Games, and 8 DAO, including a few others.
Its leading investment includes Optimism (OP), EigenLayer, zkLink, Immutable X, Wormhole, Sei Network, Animoca Brands, LayerZero, Worldcoin, Amber Group, Uniswap, Aptos and Lido.
Market Price Update
The crypto market capitalization has tumbled on its verge, and in the past 24 hours, it grew 5.29% and was $2.54 Trillion as of writing. No significant loss or sale has been observed in the same time frame.
Bitcoin, the market leader, is flourishing appreciably; pace; its prices spiked 4.89% intraday, and its market capitalization also surged.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
