Investment management giant - Blackrock has taken a new step in its crypto venture. According to a new U.S Securities and Exchanges Commission...
The firm has already pooled in $100 million USDC, issued on the Ethereum blockchain, for the purpose of the tokenized fund
Investment management giant – Blackrock has taken a new step in its crypto venture. According to a new U.S Securities and Exchanges Commission The fund will be launched in cooperation with Securitize, a digital securities issuance platform. Incorporated in British Virgin Islands, the fund has already pooled $100 million in USDC – the second largest stablecoin, which is issued on Ethereum blockchain. Additionally, the fund will require investors to pour in a minimum of $100,000.
The move was very quickly mirrored by other prominent companies such as Bitwise and Galaxy Digital. With mounting applications coming through its door, the SEC finally approved multiple spot Bitcoin ETFs at once on January 10, 2024. While the approval did not immediately have a massive impact on Bitcoin or even the crypto market as a whole, the market has registered gains over the past two months.
BTC even registered a new all-time high, with the coin soaring to $73,738.00 last week. However, this week has registered its price move in a downward trajectory. According to CoinMarketCap, at press time, BTC was trading at $64,177 with a market cap of over $1 trillion. The coin has registered a downfall of over 6% over the past 24-hours, while its trading volume remained at over $32 billion. Notably, a similar price correction was seen with the rest of the crypto market as well.
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