BlackRock’s money market fund was tokenized on the Hedera blockchain and sent Hedera (HBAR) tokens up 96% in the past 24 hours. However, despite what many believed, the world’s largest asset management company was only “aware” of the on-chain activity and was not actively involved.
T shares an April 23 post from HBAR Foundation What I did was widely misunderstood.
A video shared with the announcement appears to suggest that Ownera, Archax, and BlackRock are partnering on the venture, with HBAR claiming that it is “bringing the world’s largest asset manager on-chain.” did.
Some crypto influencers with a large following of believed that meant they were responsible for the fund’s transition to blockchain or were affiliated with BlackRock. Archax and the owner.
Cardano Ghost Fund DAO Founder Chris O’Connor I felt stressed BlackRock said it had “no involvement” in Hedera’s development and criticized the HBAR Foundation for the way the announcement was framed.
“What actually happened was the HBAR project through BlackRock Fund shares that were tokenized in the secondary market. Just like you buy a Rolex, you take a picture and post it to your X account. It does not mean that we are “partnering” with.
Graham Rodford, Co-founder and CEO of Archax answered He told O’Connor: [BlackRocks fund] Hedera,” he said, adding that “everyone involved knew about it.”
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HBAR is up 96% in the past day, pushing its price to $0.175. This is his highest price in two years. according to To CoinGecko.
Despite the price increase, HBAR is still down more than 69% from its all-time high of $0.57 in September 2021.
The announcement comes as the Hedera Global Management Council, which oversees the Hedera network, recently approved the allocation of 4.86 billion HBAR ($408 million at the time) for further network development.
The funding is part of the HBAR Foundation’s plan to strengthen its user base in 2024, following on from 2023 when 33 billion transactions were processed on the network, the foundation claims.
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Updated (April 24, 7:30 AM UTC): This article has been updated to include an X post from Graham Rodford.
