BlackRock, the world's largest asset manager, has announced the expansion of its blockchain-based BUIDL fund to the Solana network, strengthening the integration of traditional financial instruments with blockchain technology.
BUIDL's Expansion to Solana
Initially launched on Ethereum, BlackRock's BUIDL fund is now available across seven blockchains, including Solana. The fund combines traditional money market instruments with blockchain's ledger and payment capabilities.
Tokenization in Finance
Tokenization of financial assets is considered the future of financial technology. BlackRock CEO Larry Fink has emphasized this as the next major step following ETFs. BUIDL's presence on Solana supports this vision.
Benefits of Solana Network
Solana's fast transactions and cost-efficiency make it appealing for BUIDL. The Solana infrastructure supports the growth and institutional adoption of tokenized assets.
The expansion of BUIDL to the Solana network reflects a broader trend of integrating blockchain technology within traditional finance. BlackRock strengthens its presence in the crypto sector by also rolling out its Bitcoin ETP to Europe.
