Hedera (HBAR) is on rampage with a massive 55% daily surge.
The growth is linked to the tokenization of a BlackRock fund.
Within the past week, a lot of top cryptocurrencies in the market have turned green, and HBAR, the native digital asset associated with Hedera Hashgraph, happens to be one of them. HBAR has seen its price double, leaving investors wondering what could be the reason behind the rise.
HBAR’s Price Skyrocket
According to the latest Marketcap data, HBAR is trading at $0.1374, representing a 55% increase in the past 24 hours. The trading volume has also increased by an outstanding 6548% to $2.74 billion, while the market capitalization is up 59% to $5 billion.
Popular blockchain researcher Collin Brown pointed out that Archax, the first FCA-regulated digital asset exchange, broker, and custodian recently partnered with the HBAR Foundation. The partnership aims to transform finance by expanding tokenized fund offerings with the provision of the BlackRock ICS US Treasury Money Market Fund1 (MMF), setting a new standard in institutional crypto.
With this development, Archax will be able to provide a variety of MMF investments to meet the demands of a wide range of clients on the Ethereum and Hedera blockchains. As highlighted in a YouTube video from Crypto News Flash, this collaboration builds on the tokenized access to Abrdn’s MMFs that Archax introduced last year.
The first transaction of tokenized shares of the BlackRock MMF tokenized on Hedera was completed across the Ownera FinP2P digital asset network. This collaboration comes at a time when utilizing assets such as cash, treasury, and stablecoins is more crucial than ever. The advantages of tokenization include immediate transferability and the possibility of using MMF shares as collateral.
“It is important to have a range of offerings available to cater to differing client needs. Adding more funds into our portfolio of tokenized shares of MMF offerings expands the flavors we have on offer and so allows us to serve a broader range of potential clients,” commented Graham Rodford, CEO and co-founder of Archax.
The recent announcement is the most recent example of how Hedera is being utilized to power practical uses and could be a contributing factor to the outstanding performance of HBAR.
Hedera’s Crypto Collaboration
Reiterating Crypto News Flash’s earlier reports, Hedera is currently being used for digital identities, stablecoins, CBDCs, and more.
Recently, Hedera Hashgraph joined forces with the World Economic Forum (WEF) to publish a report on Metaverse identity. This partnership seeks to highlight the importance of privacy and security protocols in the Metaverse while shedding light on the complexities of identity in the digital ecosystem.
Meanwhile, Shinhan Bank and Standard Bank Group are actively participating in stablecoin pilots utilizing the Hedera network. These advancements highlight the dedication to incorporating blockchain technology into established financial institutions to promote creativity and operational effectiveness.
