‘Blackrock did not select HBAR’ as altcoin falls 20% after tokenization rumors

HBAR surges 107% after tokenizing BlackRock fund; later drops 19%.Bitcoin This triggered significant shifts in investor behavior towards BTC, with one notable example being the extraordinary streak of 70 consecutive days of inflows into Blackrock’s Bitcoin ETF.For the uninitiated, Blockchain firms Archax and Ownera tokenized BlackRock’s ICS U.S. Treasury Fund on the Hedera platform. This news led to a staggering 107% surge in HBAR’s value on the 23rd of April.

Contrary to initial speculation suggesting Blackrock’s involvement with Hedera for the project, the reality appears to be different. While the announcement fueled excitement and optimism, it became evident that Blackrock’s role was not as direct as initially implied.took to X and noted, “Blackrock the actual institution did NOT select HBAR for tokenizing a fund of theirs. Blackrock had no involvement whatsoever and has no connection to the protocol.”, CEO and co-founder of Archax Ltd, took to X and clarified,

“If we decide to tokenise, arguably we do not need to approach the investment manager, but we always do as we want long-term relationships.”“The investment manager’s level of involvement can vary but both Abrdn and Blackrock were aware that we were tokenising on Hedera.”“What we saw on Twitter was kind of pretty much close to the truth Archax had clients that wanted to invest in the BlackRock money market fund.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

20 Luxury Candles For A Fancy Shmancy HomeThese artisanal gems are more than just beautifully scented; they promise an exceptional experience, transforming your space with their distinct fragrances and stunning aesthetics.
Source: boredpanda - 🏆 18. / 72 Read more »

Bitcoin Halving countdown – Why this 20-month high is sign of things to comeInvestors started to increase Bitcoin exposure in their portfolios as the countdown to the economically-significant halving event began.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Dogecoin’s price rallies 8% in 24 hours – 20 cents on the card now?DOGE's price sees an 8% surge within the last 24 hours, will it reach the objective of hitting the $0.2 milestone.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Orlando Pride's Amanda Allen included in Canada U-20 squad for European friendliesOrlando Pride forward Amanda Allen, who has already been capped by the Canadian senior side, is among the 24 players summoned by Canadian under-20 coach Cindy Tye for games against the United States and Germany next month.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »

Williams, Thunder rally to top Pelicans after losing 20-point leadJalen Williams scored 26 points and the Oklahoma City Thunder rallied with a 12-0 run during the final 2:31 to escape with a 119-112 victory over the New Orleans Pelicans on Tuesday night after losing a 20-point lead in the third quarter.
Source: TSN_Sports - 🏆 80. / 51 Read more »

Orlando Pride's Amanda Allen included in Canada U-20 squad for European friendliesOrlando Pride forward Amanda Allen, who has already been capped by the Canadian senior side, is among the 24 players summoned by Canadian under-20 coach Cindy Tye for games against the United States and Germany next month.
Source: PGCitizen - 🏆 65. / 51 Read more »