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$150 Billion Giant Fund Moves to Blockchain: Crypto Attack from BlackRock! - Coin Bulletin
One of the world's largest asset management companies, BlackRock, aims to revolutionize the investment world by tokenizing its shares in the $150 billion Treasury Trust fund using blockchain technology.
BlackRock has taken a significant step towards digitizing its $150 billion Treasury Trust fund, one of its massive-scale funds. The company filed an application with the U.S. Securities and Exchange Commission ((SEC)) to digitalize the shares of this fund using distributed ledger technology ((DLT)). These new shares will be offered exclusively through BNY Mellon, and investors' share ownership records will be maintained digitally using blockchain technology.
In these digital shares, where the minimum initial investment amount for institutions has been set at 3 million dollars, there is no lower limit for subsequent investments. BlackRock's CEO Larry Fink described this move in previous statements as "going to revolutionize the investment world" and noted that tokenization would provide investors with speed, security, and transparency.
The tokenization revolution in the financial world
Larry Fink noted in his annual investor letter published in March that tokenization will democratize investment processes. He emphasized that thanks to this technology, transactions could be completed in seconds and that billions of dollars that have been stagnant due to delays could be reintroduced into the economy. Fink believes that digital shares could become as widespread as traditional ETFs.
However, Fink points out that one of the biggest barriers to tokenization is the inadequate identity verification infrastructure, predicting that if this issue is resolved, digital assets will reach much wider audiences.
Recently, major financial institutions such as JPMorgan, State Street, and Franklin Templeton have similarly begun to use blockchain technology to digitize their funds. This step taken by BlackRock could accelerate the use of blockchain-based digital assets in the traditional finance world.