BlackRock, also known as the world’s largest asset manager has expanded its blockchain-based money market fund, BUIDL, to the Solana network, further strengthening its position as a leader in the digital finance space as per Fortune Crypto.
The firm is expanding the use of blockchain technology to update traditional financial products. As a part of this effort, its platform BUIDL has now been made available on seven different blockchains, including Solana, which is known for being fast and efficient in the blockchain space and which is also known for being Ethereum’s competitor.
Tokenization Revolution in Money Markets
BlackRock’s BUIDL fund combines traditional banking features with blockchain technology which allows investors to access their money 24/7 and make fast transactions.
The fund as of now has already attracted $1.7 billion in investments and is expected to grow to $2 billion soon. This innovation makes it easier for investors who are used to cryptocurrencies to use money market funds.
Solana’s Role in Driving Institutional Adoption
Solana’s inclusion on the other hand indicates BlackRock’s commitment to tokenization, the process of recording financial assets like bonds or stocks on blockchain networks. Larry Fink, CEO of BlackRock, has described tokenization as the next major step in financial market’s evolution.
Impact on SOL Price
Following this announcement, the price of the SOL token has surged. At press time, the token is trading at $144.72, up 0.8% in the last 24 hours, according to CoinGecko. With the current momentum, analysts believe SOL may reach the $150 mark today, March 25, 2025, after a long period of consolidation. However, some market volatility may persist, as FTX liquidator activities continue to impact SOL’s price dynamics. Read more on the potential SOL dip due to FTX-related token movements.
With this announcement, it is sure that the interest in the Solana ecosystem will be increased and this will lead to increased adoption within the community.
BlackRock’s Push into Crypto Markets
This follows the recent development where BlackRock announced recent launch of a Bitcoin exchange-traded product (ETP) in Europe, targeting institutional and retail investors seeking regulated exposure to Bitcoin. These initiatives signal the fact that BlackRock is trying to reshape the global financial systems through innovative blockchain applications while boosting Solana’s market presence.
Also Read: BNB Chain Extends Gas-Free Carnival till June 30, Causes Network Congestion
