Bittime - The price of the HBAR coin skyrocketed after the launch of BlackRock's token-based money market fund in Hedera.
BlackRock Announces Money Market Fund (MMF) Tokenization
BlackRock, the global fund management giant, today announced the tokenization of its BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain.
This move marks an important moment in BlackRock's efforts to explore the potential of blockchain technology in improving the efficiency and accessibility of financial products.
Collaboration with Archax, a leading digital asset exchange, and Ownera, an institutional digital asset platform, enabled BlackRock to tokenize their MMF on Hedera.
This tokenization opens up new opportunities for investors to participate in BlackRock MMFs in an easier and more transparent way.
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Crypto Community Enthusiastically Welcomes BlackRock's MMF Tokenization
News of BlackRock's MMF tokenization on Hedera was greeted enthusiastically by the crypto community, driving a surge in the price of the HBAR coin.
From $0.08 per coin, HBAR surged to reach $0.18, signaling investor confidence in the potential of this collaboration.
This step by BlackRock is clear evidence of the application of blockchain in the traditional financial industry. MMF tokenization opens up new opportunities to improve market efficiency, expand the accessibility of financial products, and drive innovation in the financial services industry.
$HBAR Experiences Significant Surge
The exchange rate of the HBAR coin experienced a significant spike following the launch of the BlackRock tokenized Money Market Fund on the Hedera platform.
Hedera Hashgraph, a decentralized technology similar to blockchain but patent protected, is the foundation for the HBAR coin.
Currently, HBAR coin is trading at $0.163, reflecting an 81% rise in the last 24 hours.
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BlackRock's Significant Impact on the Bitcoin Market and Hedera Hashgraph
Every move of BlackRock, the global investment giant, is able to move market sentiment significantly through its influence on large investors. This is proven in the case of Bitcoin and Hedera Hashgraph.
In mid-2023, BlackRock's interest in a Bitcoin spot ETF fueled market optimism and became the initial catalyst for Bitcoin's price increase.
The BlackRock team's efforts in pushing for approval of a Bitcoin spot ETF in the US by the SEC further strengthens this bullish momentum.
Check Crypto Prices Today:
| XRP/IDR Price | XRP/IDR Price |
| BTC/IDR price | DOGE/IDR price |
| ETH/IDR Price | SEI/IDR price |
How to Buy Crypto on Bittime
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Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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