Solana (SOLThe day is green for reports that BlackRock will move its Blockchain-based Money Market Fund onto Ethereum.ETH) competitor’s network.
Fortune reports The world’s biggest asset manager, BlackRock USD Institutional Digital Liquidity Fund ($1.7 billion), is now available in the US.BUIDLThe Solana Blockchain.
Solana has risen by nearly 19% since the previous week to $145.
BUIDL was launched one year ago and uses money-market funds to allow investors to hold cash near term while earning a return. It also has blockchain payment capabilities.
Solana, which was first launched on Ethereum, is now compatible with BUIDL tokenized money fund.
BlackRock, Securitize’s technology partner says that the fund will have more than $2 billion of cash and Treasury Bills by April 1.
Says Michael Sonnenshein, COO at Securitize,
“We’re making [money market funds] unboring. We are advancing and leapfrogging some of the quote-unquote deficiencies that money markets may have in their traditional formats.”
BUIDL money market funds offer 24/7 trading, which is one of the benefits they have over other traditional money markets.
Says Lily Lu, President of the Solana Foundation
“Our vision for why on-chain finance adds more value is because you can do more things with those assets on chain than you could if [they’re] sitting in your brokerage account.”
BUIDL, BlackRock’s digital asset strategy includes spot Bitcoin (BTCETF (exchange-traded funds)
BlackRock CEO Larry Fink believes that the future of finance will include the use of blockchain technology. “tokenization of every financial asset.”
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