The inherent volatility of the cryptocurrency market has been fully manifested as Bitcoin (Bitcoin) and ether (Ethereum) fall, then recovered It could trade as much as 15% above Wednesday's low. BTC and ETH rose as much as 11% in the past 24 hours, leading the rise in major tokens. Solana’s SOL, Cardano’s ADA, and BNB Chain’s BNB rose by 8%, according to CoinGecko data. The CoinDesk 20 Index, a measure of the broader crypto market, recently gained 7.62%. According to data from CoinGecko, Layer 2 platforms, or blockchain tokens based on Ethereum, are the top sector with an average gain of 25% over the past 24 hours. Meme coins followed with a 16% rise.
Asset management giant BlackRock (BLK) officially announces announced Tokenized asset funds on the Ethereum network on Wednesday. According to a press release, the BlackRock USD Institutional Digital Liquidity Fund will be represented by the blockchain-based BUIDL token, fully backed by cash, U.S. Treasury bills, and repurchase contracts, and will be distributed via blockchain rails. It will provide a yield that will be paid to token holders on a daily basis. . According to BlackRock, Securitize will act as the transfer agent and tokenization platform, while BNY Mellon will be the custodian of the fund's assets. Anchorage Digital Bank NA, BitGo, Coinbase, and Fireblocks also participate in the fund's ecosystem.
Cryptocurrency exchange Kraken has announced qualified custody services for institutional clients in the crypto-friendly state of Wyoming, having held a state-chartered banking license in the region for many years. Kraken Institutional, announced Wednesday, operates under a Special Purpose Depository Institution (SPDI) license negotiated by the exchange in 2020. All deposits are held on a full reserve basis in a segregated account separate from the exchange itself. Wyoming, home to twice as many cows as people, has been steadily working towards clarifying its regulations regarding cryptocurrencies, passing around 35 laws on the subject since 2016, and is behind that campaign. The biggest name that is putting effort into this is Kraken.
