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Asset management titan BlackRock is announcing the expansion of its proprietary BUIDL, the company’s on-chain money market fund, across five new blockchains.
According to an announcement by real-world asset tokenizing firm Securitize, BlackRock’s brokerage partner, BUIDL will be expanding to layer-1 blockchains Aptos (APT) and Avalanche (AVAX) as well as layer-2 scaling solutions Arbitrum (ARB), Optimism (OP), and Polygon (POL).
As stated by Securitize chief executive and co-founder Carlos Domingo,
“We wanted to develop an ecosystem that was thoughtfully designed to be digital and take advantage of the advantages of tokenization.
Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.”
BUIDL, which launched in March and stands for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money-market fund designed to offer a stable value of $1 per token while providing yield on US Treasuries.
According to Securitize, the expansion will help developers, decentralized autonomous organizations (DAOs), and other crypto firms to build with BlackRock’s product on their blockchain of choice.
Last month, it was reported that BlackRock was in talks with numerous crypto exchange platforms – such as Binance, OKX, and Deribit – about using BUIDL as collateral for derivatives contracts.
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Featured Image: Shutterstock/Vink Fan/Sensvector
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