BlackRock confirmed that it has no commercial relationship with Hedera.
Key Takeaways
- BlackRock addressed a misinterpretation of the HBAR Foundation’s X post that Archax and Ownera had tokenized the ICS U.S. Treasury Fund.
- The company has made it clear that it has no role in the tokenization of this fund and does not maintain a commercial relationship with Hedera.
- Archax’s CEO confirmed that although BlackRock was aware of the decision, tokenization was entirely their initiative.
BlackRock, the world’s largest asset management company, announced. Misconceptions about Participation In tokenization of funds.
The confusion began after the HBAR Foundation posted on Archax and Ownera tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera.
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Many people misinterpreted the announcement, This suggests that BlackRock was actively involved in this process.
However, the company responded to these claims through a spokesperson: It has “no commercial relationship” with Hedera and has not chosen Hedera to tokenize its funds.
As in the past, BlackRock will communicate directly with the public about developments in its digital asset strategy.
Archax CEO Graham Rodford clarified further confusion in a statement to X. The decision to tokenize BlackRock fund shares was purely Archax’s. Influenced by customer needs.
He explained: BlackRock has been made aware of these plans. We were asked to comment on the press release about tokenization. However, it was not directly involved in the tokenization effort.
Although the misunderstanding about BlackRock’s partnership with Hedera has been cleared up, it has not affected HBAR’s market value. It hit a high of $0.1777 at 5 AM UTC, but is down 34.73% to $0.116 at the time of writing.
According to related news, BlackRock’s iShares Bitcoin Trust (IBIT) saw no new inflows for the first time since its launch on April 24.
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