What REALLY Happened - Hedera (HBAR) and BlackRock

Hedera and BlackRock have both been in the news today thanks to a recent announcement from the HBAR Foundation about a fund tokenisation, with Hedera HBAR token rallying over 100% over the past 24 hours, before correcting when rumours started circulating about the legitimacy of their links with BlackRock. But what really went on? Was it the news fake? I've gathered the timeline of events, including a statement from the Archax CEO.

Archax CEO Thread - https://x.com/Grodfather/status/1783106730332651998

Telegram - https://t.me/LiamHayneCrypto

HBAR Foundation Statement:

"Archax, the first FCA regulated digital asset exchange, broker and custodian, today announced that it is expanding the range of fund shares it offers in tokenised form with the provision of the BlackRock ICS US Treasury money market fund1 (MMF) in partnership with The HBAR Foundation. This builds on its launch of tokenised access to abrdn’s MMFs last year, which Archax has created on both the Hedera and Ethereum blockchains.

This additional BlackRock MMF, along with existing offerings, are all available directly on the Archax platform, as well as through connected networks. The first transaction of tokenised shares of the BlackRock MMF, which was also tokenised on Hedera, the open-source, proof-of-stake public ledger, was completed across the Ownera FinP2P digital asset network.

In the current high interest-rate environment, putting cash, treasury and stablecoin assets to work is more important than ever. MMFs are a useful vehicle as they have the potential to provide institutional stability and yield, due to their underlying investments in short-term debt products, and reduce single bank or stablecoin provider counterparty risk. In addition, through creating a secondary market for the tokenised instruments, Archax can provide investors with the benefit of almost instantaneous transfer of MMF shares throughout the day – an advantage which can also see the tokens being used for collateral movement instead of just traditional subscriptions/redemptions."

#hedera #BlackRock #HBAR