A significant increase of more than 100% in one day for Hedera’s HBAR token occurred due to a misunderstanding regarding BlackRock’s role in creating investment funds based on the Hedera blockchain.
The misunderstanding stemmed from a statement by the HBAR Foundation that Archax and Ownera had tokenized BlackRock’s ICS US Treasury Fund on Hedera’s network. Some people in the cryptocurrency community assumed this meant BlackRock was actively involved in the project.
Graham Rodford, CEO of Archax, explained that although BlackRock was informed about the fund tokenization carried out by Archax, the asset manager did not participate directly in the process. Instead, Archax took the initiative to tokenize the fund through its partnership with Hedera’s blockchain for issuing tokenized fund shares.
If we choose to tokenize our investment, it may not be necessary for us to consult the investment manager; however, we value building long-term relationships with them. The investment managers, such as abrdn and Blackrock, were informed about our tokenization initiative on Hedera, but the extent of their involvement can vary.
— Graham (@Grodfather) April 24, 2024
Rodford shared that while it wasn’t necessary, Archax chose to tell BlackRock in advance for greater transparency and trust-building. They value clear communication between investment managers and themselves regarding new initiatives.
Read More
- CRK Boss Rush guide – Best cookies for each stage of the event
- Glenn Greenwald Sex Tape Leak: Journalist Cites “Maliciously Political” Motives
- Fortress Saga tier list – Ranking every hero
- Mini Heroes Magic Throne tier list
- Castle Duels tier list – Best Legendary and Epic cards
- Grimguard Tactics tier list – Ranking the main classes
- How to Prepare and Dominate the Awakened Hollyberry Cookie Update
- Cookie Run Kingdom Town Square Vault password
- Overwatch Stadium Tier List: All Heroes Ranked
- Seven Deadly Sins Idle tier list and a reroll guide
2024-04-25 06:12