Asset management titan BlackRock has announced the expansion of its own BUIDL, the company’s on-chain money market fund, across five new blockchains.
According to one announcement by real-world asset tokenizing firm Securitize, BlackRock’s brokerage partner, BUIDL will expand to layer-1 blockchains Aptos (APT) and Avalanche (AVAX), as well as layer-2 scaling solutions Arbitrum (ARB), Optimism (OP) and Polygon (POL) ).
As Carlos Domingo, CEO and co-founder of Securitize, says:
“We wanted to develop an ecosystem that was carefully designed to be digital and take advantage of the benefits of tokenization.
The tokenization of real-world assets is increasing and we are excited to see these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains, we will see more and more investors looking to leverage the underlying technology to drive efficiency in all the things that have been difficult to do until now.”
BUIDL, which launched in March and stands for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money market fund designed to provide a stable value of $1 per token while providing US Treasury yields.
According to Securitize, the expansion will help developers, decentralized autonomous organizations (DAOs) and other crypto companies build on the blockchain of their choice with BlackRock’s product.
Last month, it was reported that BlackRock was in talks with numerous crypto exchange platforms – such as Binance, OKX and Deribit – about using BUIDL as collateral for derivatives contracts.
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