BlackRock has confirmed it has “no commercial relationship” with Hedera and that it did not choose the Hedera Hashgraph to tokenize any BlackRock funds, including shares of its $22 billion money market fund.
Hedera’s token (HBAR) rallied over 100% on Tuesday following the HBAR Foundation’s announcement on X stating that blockchain firms Archax and Ownera tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera.
Some misinterpreted the post to suggest BlackRock played an active role in the tokenization effort, but a BlackRock spokesperson has confirmed to Cointelegraph that’s not the case.
“BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenise any BlackRock funds.” lockquote>
As of the time of writing, HBAR has fallen 32.8% in the past 24 hours to $0.118 since it peaked at $0.176 at 5:00am UTC on April 24, according to CoinGecko.
“As we have in the past, BlackRock will communicate directly with the public on the evolution of our digital asset strategy,” the spokesperson added.
HBAR Foundation’s announcement has amassed over 2.9 million views and 3,200 reposts since it was posted a little over 36 hours ago — though some cryptocurrency influencers misinterpreted the message.
“BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA,” said Mason Versluis to his 189,000 X followers.
Archax CEO Graham Rodford also clarified that it was his firm’s choice to put shares of BlackRock’s money market fund on Hedera, but claimed BlackRock was “aware” that Archax was tokenizing shares of the fund.
“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,” Rodford added.
Cointelegraph reached out to HBAR Foundation on April 24 but didn’t receive a response.
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BlackRock has confirmed it has “no commercial relationship” with Hedera and that it did not choose the Hedera Hashgraph to tokenize any BlackRock funds, including shares of its $22 billion money market fund.
Hedera’s token (HBAR) rallied over 100% on Tuesday following the HBAR Foundation’s announcement on X stating that blockchain firms Archax and Ownera tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera.
Some misinterpreted the post to suggest BlackRock played an active role in the tokenization effort, but a BlackRock spokesperson has confirmed to Cointelegraph that’s not the case.
“BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenise any BlackRock funds.” lockquote>
As of the time of writing, HBAR has fallen 32.8% in the past 24 hours to $0.118 since it peaked at $0.176 at 5:00am UTC on April 24, according to CoinGecko.
“As we have in the past, BlackRock will communicate directly with the public on the evolution of our digital asset strategy,” the spokesperson added.
HBAR Foundation’s announcement has amassed over 2.9 million views and 3,200 reposts since it was posted a little over 36 hours ago — though some cryptocurrency influencers misinterpreted the message.
“BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA,” said Mason Versluis to his 189,000 X followers.
Archax CEO Graham Rodford also clarified that it was his firm’s choice to put shares of BlackRock’s money market fund on Hedera, but claimed BlackRock was “aware” that Archax was tokenizing shares of the fund.
“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,” Rodford added.
Cointelegraph reached out to HBAR Foundation on April 24 but didn’t receive a response.
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
