SOLANA (SOL) is green in the report that Blackrock is moving the blockchain -based money market fund to an ETH competitor.
Fortune reported that the world’s largest asset manager is adding $ 1.7 billion in the Solana blockchain to add a BLACKROCK USD organization’s digital liquidity fund (Buidl).
Solana trades $ 145 at the time of writing and has increased almost 19% last week.
A year ago, BUIDL uses traditional money market funds to combine with blockchain payment properties to store cash and get yields in the short term.
Solana is now the seventh blockchain compatible with tokenized money Market Fund Buidl after being first released on Ethereum.
Securitize, a technology partner of BLACKROCK, said the fund is expected to exceed $ 2 billion in cash and financial bills by early April.
COO, Michael Sonnenshein of Securitize says.
“We are destroying (Money Market Fund). We are developing and leaping for some of the defects of some estimates that the money market can have in a traditional format.”
One of the benefits that Buidl offers more than traditional money market funds is 24/7 transactions.
Lily Liu, the president of Solana Foundation.
“Our vision of why warm finance adds more value is because we can do more with the chain’s assets when we are sitting on the brokerage account.”
Buidl is part of BLACKROCK’s long -term digital asset strategy, which includes Spot Bitcoin (BTC) exchange trading fund (ETF).
According to Blackrock CEO Larry Fink, the future of finance includes “tokenization of all financial assets”.
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