The public chain Hedera developer HBAR Foundation recently announced that it has successfully tokenized the BlackRock money market fund. The crypto community seems to believe that HBAR has an in-depth official cooperation with BlackRock. However, BlackRock has subsequently denied this news, resulting in the loss of HBAR tokens. Booms and booms.
BlackRock Fund goes online? Public chain Hedera announces high-profile cooperation
According to a recent announcement from Hedera developer HBAR Foundation, British compliance exchange Archax and HBAR Foundation jointly launched the BlackRock Money Market Fund (MMF) tokenization product.
BlackRock MMF and existing products (after tokenization) can be used on the Archax platform. BlackRock MMF’s first tokenized stock transaction was also successfully completed on tokenization service provider Ownera FinP2P’s digital assets. Completed online.
Today we witness#RWAhistory as @BlackRock’s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking a major milestone in asset management by bringing the world’s largest asset manager on-chain pic.twitter.com/1Kye8cjAJx
— HBAR Foundation (@HBAR_foundation) April 23, 2024
Hedera (HBAR) surges and plummets
As shown in the tweets and announcements, the crypto community seems to believe that HBAR has in-depth cooperation with BlackRock officials. The HBAR token rose 106% within 12 hours after the news was released, from $0.088 to $0.181.
But then some people began to accuse BlackRock of never participating in fund tokenization, and HBAR immediately fell by 40%.
The HBAR Foundation’s tweet was also corrected by a large number of comments and community notes.
HBAR／USDT｜OKX BlackRock spokesperson: No commercial relationship
A BlackRock spokesperson told Cointelegraph:
BlackRock has no commercial relationship with Hedera, and BlackRock has not selected Hedera to tokenize any BlackRock funds.
Graham Rodford, CEO of the exchange Archax, explained the ins and outs in a long tweet, pointing out that tokenization was carried out because users also wanted to invest in BlackRock’s money market funds, and emphasized that BlackRock also knew that they were doing this.
The HBAR Foundation still pinned the tweet to the top and did not explain the community’s misunderstanding. It only retweeted the exclusive interview conducted by Archax CEO after the incident.
(17/18) 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. The investment manager’s level of involvement can vary but both abrdn and Blackrock were aware that we were tokenising on Hedera.
— Graham (@Grodfather) April 24, 2024
This article HBAR Foundation claims that it cooperated with BlackRock to make an own mistake, and the token HBAR skyrocketed and plummeted. First appeared in Chain News ABMedia.
