Hedera

BlackRock

A BlackRock money market fund has been tokenized on the Hedera blockchain sending the Hedera (<a href="https://cointelegraph.com/hedera-hbar-price-index">HBAR</a>) token on a 96% rally in the last 24 hours — but the world’s largest asset manager was only “aware” of the move on-chain despite many believing it was actively involved.
The widely misinterpreted April 23 HBAR Foundation X post — an organization working with the Hedera community — shared that blockchain trading and infrastructure firms Archax and Ownera tokenized BlackRock’s ICS US Treasury Fund on its network.
The video shared with the announcement seemed to suggest Ownera, Archax, and BlackRock were partnered on the venture and HBAR claimed it was “bringing the world’s largest asset manager on-chain.”
Some crypto influencers with large X followings shared a misinterpretation of the post — which had amassed over 1.6 million views and 2,700 reposts over the last 15 hours — believing it to mean BlackRock was responsible for the $22.3 billion fund’s move onto the blockchain or had partnered with Archax and Ownera.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/131fedb8-30b9-4d8b-a8e7-0ce54933e431.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/MasonVersluis/status/1782781734003863768" target="_blank" rel="noopener nofollow">Mason Versluis</a>
 </figcaption>
</figure>
Cardano Ghost Fund DAO founder Chris O’Connor initially <a href="https://x.com/TheOCcryptobro/status/1782861986243764255" target="_blank" rel="noopener nofollow">believed</a> that BlackRock had “no involvement” with Hedera’s development and slammed the HBAR Foundation for the way it framed the announcement.
<blockquote>
 “What did happen was a HBAR project through the secondary market tokenized shares of a BlackRock fund. Much like I can buy a Rolex take a pic and post it on my X account. Doesn’t mean Rolex ‘partnered’ with me.”
</blockquote>
But Archax co-founder and CEO Graham Rodford <a href="https://twitter.com/Grodfather/status/1782865674819305526" target="_blank" rel="noopener nofollow">replied</a> to&nbsp;O’Connor, saying “it was indeed an Archax choice to put [BlackRocks fund] on Hedera” and added that “everyone involved was aware.”
Related: <a href="https://cointelegraph.com/news/envision-partners-hbar-un-new-digitization-platform-carbon-markets">Envision partners with HBAR and UN on new digitization platform for carbon markets</a>
HBAR’s 96% rally in the past day has pushed its price to $0.175 — a two-year high, <a href="https://www.coingecko.com/en/coins/hedera" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/50bdc0e4-cc20-4ffb-8e94-1c9373fd54b1.png">
 <figcaption style="text-align: center;">
 HBAR’s price over the last three months. Source: <a href="https://www.coingecko.com/en/coins/hedera" target="_blank" rel="noopener nofollow">CoinGecko</a>
 </figcaption>
</figure>
Despite the price pump, HBAR is still down over 69% from its September 2021 all-time high of $0.57.
The announcement came as the Hedera Global Governing Council — which oversees the Hedera network — recently approved allocating 4.86 billion HBAR ($408 million at the time) for <a href="https://cointelegraph.com/news/hedera-network-approves-408m-worth-hbar-allocation-for-ecosystem-growth">further network development.</a>
The funds are part of the HBAR Foundation’s plans to strengthen its user base in 2024, following 2023’s performance, which saw 33 billion transactions processed on the network, the foundation claims.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-transactions-per-second-tps-stupid-big-questions/">Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions</a>
Update (April 24 7:30 am UTC): This article has been updated to add an X post from Graham Rodford.

Hedera’s HBAR token pumps 96% on misinterpreted BlackRock announcement

Cointelegraph

Other articles published on Apr 24, 2024

Bitcoin Supply Shock WIll Make This Bull Run the Biggest So Far

Ripple CTO David Schwartz Highlights Liquidity Issues in Ripple Shares

Best Meme Coins To Invest In Now Wednesday, March 6 – Calcium, Woof, Catgirl, Mega Dice

Crypto Analyst Bluntz Forecasts Upward Movements for Solana and PEPE

XRP News: Whales Bag 40M XRP As Ripple Counters SEC’s $2B Fine

Three entry-level coins perfect for new investors: DTX, Polygon, and Pepe

Join our free newsletter for daily crypto updates!