BlackRock has made it clear that they do not have any business dealings with Hedera and have not selected the Hedera Hashgraph for tokenizing any of their funds, such as their $22 billion money market fund.
On Tuesday, the value of Hedera’s token (HBAR) surged by more than 100% due to an announcement from the HBAR Foundation. The foundation revealed that blockchain companies Archax and Ownera had tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera’s network. In simpler terms, the price of Hedera’s token significantly increased after the news broke that Archax and Ownera used Hedera to create digital representations of a real-life investment fund from BlackRock.
A BlackRock representative clarified that the company did not actively participate in the tokenization project despite some people interpreting a post to imply otherwise.
“BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenise any BlackRock funds.”
At the moment this text is being composed, HBAR‘s price has dropped by 32.8%, landing at $0.118. Its previous highest point was $0.176, which it reached at 5:00am UTC on April 24th.
The spokesperson mentioned that, similar to previous instances, BlackRock would keep the public informed about the development of their digital asset strategy through direct communication.
Since being posted, the announcement from HBAR Foundation has gathered an impressive 2.9 million views and 3,200 shares. Yet, there might be a few cryptocurrency influencers who misconstrued the message.)
“Mason Versluis announced to his 189,000 fans that BlackRock has converted one of their money market funds into a token on the Hedera platform.”
Graham Rodford, the CEO of Archax, explained that it was their decision to place BlackRock’s money market fund on Hedera, and they informed BlackRock about their choice beforehand.
If we choose to tokenize, it may not be necessary for us to consult with an investment manager; instead, we can proceed based on our desire for lasting relationships.
CryptoMoon reached out to HBAR Foundation on April 24 but didn’t receive a response.
Although the recent price surge of HBAR was brief, the coin’s value remains more than 78% lower compared to its peak price of $0.57 in September 2021, as indicated by CoinGecko.
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2024-04-25 06:02