Grayscale Launches Solana-Backed Tokenized Fund Amid European ETP Boom
BlackRock Taps Solana for BUIDL Tokenized Fund as Bitcoin ETP Debuts in Europe
In a major move, BlackRock, the world's largest asset manager, has partnered with Solana to launch a tokenized fund, marking a significant milestone in the adoption of blockchain technology in the financial sector. The news comes as the firm also debuts its Bitcoin ETP (Exchange-Traded Product) in Europe, further solidifying its commitment to the cryptocurrency space.
The BUIDL (Build, Use, Inspire, Deliver, and Launch) tokenized fund, which is set to launch in the coming months, will utilize Solana's blockchain technology to create a decentralized and transparent investment vehicle. The fund will be designed to track the performance of a diversified basket of assets, including cryptocurrencies, stocks, and commodities.
"We are excited to partner with Solana to bring this innovative investment product to market," said Rob Goldstein, Head of Aladdin at BlackRock. "The BUIDL fund will provide investors with a new way to access a diversified portfolio of assets, while also leveraging the benefits of blockchain technology."
The launch of the BUIDL fund marks a significant step forward for BlackRock, as it continues to expand its presence in the cryptocurrency space. The firm's Bitcoin ETP, which debuted in Europe earlier this month, allows investors to gain exposure to the price of Bitcoin without the need to purchase and store the cryptocurrency directly.
"We are thrilled to see BlackRock's continued commitment to the cryptocurrency space," said Anatoly Yakovenko, CEO of Solana. "Our partnership will enable the creation of innovative investment products that can be used by a wide range of investors, from institutional investors to individual investors."
The launch of the BUIDL fund and the Bitcoin ETP in Europe underscores the growing interest in cryptocurrency and blockchain technology among institutional investors and individual investors alike. As the adoption of these technologies continues to grow, it is likely that we will see even more innovative investment products and services emerge in the coming months.