BlackRock Launches First Tokenized Fund on Ethereum, Bringing Traditional Finance to Crypto

BlackRock launched its first tokenized fund, BUIDL, on the Ethereum blockchain, bringing in partners from traditional finance and crypto
The fund is fully backed by cash and short-term government securities, with BNY Mellon as custodian
Using Ethereum allows for interoperability and integration with crypto systems like stablecoins
On-chain funds could enable new growth opportunities for asset managers
Tokenized funds can provide benefits like 24/7 trading, transparency, efficiency, and lower costs