The beginning of 2024 brings new opportunities for the crypto market with the involvement of traditional companies and asset managers. One such company is BlackRock, which recently announced its expansion of BUIDL on different blockchains.
BlackRock's Expansion on Blockchains
Recently, BlackRock, a leading global asset manager, announced that BUIDL will now be available on various blockchains, including Avalanche, Arbitrum, and Polygon. This move aims to expand its reach beyond Bitcoin and facilitate access for institutional investors to BUIDL on leading blockchains.
Impact on the Crypto Market
BlackRock's entry into the crypto market has contributed to an increase in trust and reputation as fresh millions of dollars are being invested. BlackRock has also performed excellently in the Bitcoin ETF and Ethereum ETF categories. IBIT is the Bitcoin spot ETF offered by BlackRock, which, at the time of writing, was the market leader for having the highest Bitcoin holdings and cumulative net inflow.
Adaptation of Traditional Finance to Blockchain
Over the past few months, mainstream adoption of cryptocurrencies has shown staggering growth, attributed to the entry of traditional companies and financial institutions. Currently, more than a dozen banks and financial institutions are leveraging blockchain to enhance their services' efficiency. Leaders among these banks are Standard Chartered and DBS, which have introduced crypto-based products to meet the surged global demand. The integration of blockchain with traditional banking techniques has transformed the financial market. Besides the financial sector, blockchain has transformed the working principles in industries such as education, automotive, and architecture.
As 2024 progresses, BlackRock and other traditional financial institutions continue to strengthen their positions in the crypto market, contributing to increased confidence and investments in this rapidly evolving sector.
