BlackRock Unveils ‘BUIDL‘ Tokenized Asset Fund on Ethereum—With $5 Million Buy-In

Investment giant BlackRock has announced the launch of its tokenized asset fund, called BUIDL, on the Ethereum network. This marks the company’s first foray into issuing a tokenized fund on a public blockchain. The BlackRock USD Institutional Digital Liquidity Fund was initially registered in the British Virgin Islands last year. BUIDL aims to provide investors with benefits such as blockchain-based issuance and trading of ownership, expanded access to on-chain offerings, transparent settlement, and cross-platform transfers. The fund requires an initial investment of $5 million, which is higher than previously mentioned in its SEC filing. To facilitate the integration of Ethereum with traditional markets, BlackRock has partnered with Bank of New York Mellon, who will act as the custodian and administrator of the fund’s assets. BlackRock has also invested in Securitize, an SEC registered transfer agent, to further explore the tokenization of securities. This move by BlackRock highlights the increasing accessibility and digitization of traditional financial products through blockchain technology.