The following is updated on 03/22.This post was originally published on March 20th
Bitcoin BTC suddenly rose, erasing $100 billion in losses from the crypto crash amid concerns that the Biden administration was trying to “kill” cryptocurrencies.
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Bitcoin prices jump 5%, boosting Ethereum, XRP and broader crypto markets after Fed decides to hold interest rates on hold and Fed Chair Jerome Powell says they may start cutting rates soon (We expect three rate cuts this year.)
Before the Fed's high-profile announcement caused Bitcoin's price to soar, the world's largest asset manager, BlackRock BLK, announced that the second phase of its plan for a crypto-based “financial market revolution” had already begun. It was revealed quietly. Citi analysts predict this could be a revolution. “It will be a $5 trillion market by 2030.”
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BlackRockBLK, the world's largest asset manager, which last year started a rush to bring spot Bitcoin exchange-traded funds (ETFs) to Wall Street, has partnered with asset tokenization firm Securitize to launch a tokenized private equity fund. I applied for a raise.
Updated 03/22: Bitcoin and cryptocurrency exchange Coinbase COIN has revealed that it will provide infrastructure support for BlackRock's new fund.
“We are pleased to announce that Coinbase has been selected as the primary infrastructure provider for Blackrock and the Securitize tokenized investment fund.” Coinbase Institutional Business Posted To X.
“This partnership reflects our commitment to connecting institutions to cryptocurrencies and demonstrates our ability to deliver the technology and products needed to support the rapidly growing tokenization sector. .”
Coinbase and BlackRock began working together in 2022, with the asset manager leveraging the exchange to provide institutional investors with access to Bitcoin. At the time, this was considered a “huge milestone for the crypto space” that opened “the floodgates for institutions to access Bitcoin.”
BlackRock's IBIT Spot Bitcoin ETF, managed by Coinbase, has reached $15.5 billion in assets under management in just three months, making it one of the fastest-growing ETFs in history.
The new fund's documents filed with the U.S. Securities and Exchange Commission (SEC) last week did not specify which cryptocurrencies or assets it would hold. Ondo Finance, which operates a real-world asset tokenization platform, saw the price of its Ondo coin soar by 40% after news of the filing broke.
A cryptocurrency called the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) was created on the Ethereum blockchain earlier this month, according to Etherscan data discovered by. block.
The fund appears to have received a $100 million transfer on March 4th. Buidl's maximum quantity is only 100 coins and can only be held by one person.
In January, BlackRock's legendary founder and CEO Larry Fink explained this two-step plan for cryptocurrencies in an interview. CNBC.
“We believe this is just the beginning. ETFs are the first step in a technological revolution in financial markets,” Fink said. “Step two involves the tokenization of any financial assets.”
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Bitcoin and crypto-currency blockchain technology allows traditional assets to be “tokenized” on a public ledger, making everything from stocks and bonds to alternative investments such as real estate and art cheaper and more affordable. It may be possible to relocate easily.
“We have the technology today to tokenize,” Fink said. “If you had a security that was tokenized…the moment you bought or sold a financial instrument, you would see it all on the general ledger that was created together. and all corruption will be eliminated.”
Last year, BlackRock, JPMorgan and other Wall Street giants quietly began laying the foundations for what Fink described as a crypto revolution that could usher in “the next generation of markets.”
“The real game changer for tokenized assets is the ability for financial institutions to be more agile and develop new products for new markets at a speed not possible with existing technology,” said Axelar Protocol founder and Interop said Sergei Gorbunov, CEO of the company. Labs said in an emailed comment.
“The infrastructure is now in place to deliver these benefits across multiple blockchains with transparency and oversight, as well as the modular customization needed for global compliance.”
On the other hand, the adoption of Bitcoin and cryptocurrencies may begin with the development of tokenization of real-world assets.
“Asset tokenization is just one of the long-term potential drivers of Web3 [crypto] “When the infrastructure matures to the point where it can offer significant advantages over legacy systems, it's being adopted,” Gorbunov said. “We often hear that use cases for blockchain are yet to emerge. In our view, use cases are far ahead of infrastructure.” That is now starting to change. ”
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