Asset management firm BlackRock selected Coinbase as the key infrastructure provider for its tokenized investment fund, BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
According to BlackRock:
“BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month. The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain.”
The fund was developed in partnership with the tokenization company Securitize.
How is Coinbase Involved?
In a March 21 statement on X (formerly Twitter), Coinbase said it would be an infrastructure provider for the new fund. However, the crypto exchange did not provide additional information on this role.
Nevertheless, the company described the partnership as another sign of its efforts to provide technological support for traditional institutions entering the crypt
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