The past week has not been favorable for the majority of cryptocurrency assets, with only four specific digital currencies recording gains. This week, ONDO appreciated by 13.2%, TON increased by 11.3%, PENDLE grew by 6%, and LEO saw a slight uptick of 0.5%. Market Update: A Tough Week for Crypto With Few Standouts The landscape […]
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Ondo Finance Joins BlackRock Tokenized Fund As Inflows Surpass $160M
BlackRock, one of the largest asset managers globally, has witnessed notable success with its newly launched tokenized money-market fund, BUIDL. The fund, which records shared ownership on the Ethereum (ETH) blockchain, has attracted over 0 million in just one week since its debut.
BlackRock’s BUIDL Fund
According to a Bloomberg report, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) primarily invests in cash, US Treasury bills, and repurchase agreements. The fund rewards its holders with a cryptocurrency, BUIDL, valued at per token.
Shareholders can transfer these tokens to other validated addresses using digital wallets approved by Securitize, BlackRock’s partner for the investment vehicle. The tokenized fund serves several key use cases, including treasury management for crypto companies, support for derivatives of Treasury bills, and acting as collateral for borrowing and trading, thus providing an alternative to stablecoins.
It is worth noting that Securitize Markets, an SEC-registered alternative trading system, plays a critical role in facilitating the transfer of tokens between market participants.
While the SEC has recently increased its scrutiny of Ethereum’s native token, ETH, Securitize CEO Carlos Domingo emphasizes that the investigations should be separate from the underlying blockchain infrastructure. Domingo also highlights the battle-tested nature of the public Ethereum blockchain, which provides a “robust foundation” for tokenization activities.
As previously reported by our sister website, Bitcoinist, BlackRock has emerged as an advocate for cryptocurrencies and tokenization within mainstream financial institutions. Chairman and CEO Larry Fink believes every financial asset will eventually be tokenized.
The company’s iShares Bitcoin Trust (IBIT) has already attracted more than billion in inflows since its launch as an exchange-traded fund (ETF) in January. With the BUIDL fund’s launch, BlackRock continues to demonstrate its willingness to explore new digital asset solutions.
Ondo Finance To Transfer Million In Assets To BlackRock
Ondo Finance, a platform specializing in tokenized real-world assets (RWA), has moved million worth of assets to BlackRock’s BUIDL fund. This strategic move enables Ondo Finance to facilitate instant settlements for its US Treasury-backed token, OUSG.
This makes Ondo Finance a major participant in the BUIDL ecosystem. According to on-chain researcher Tom Wan, it currently holds million worth of BUIDL tokens, which, in addition to those above million, will result in a substantial 0 million worth of BUIDL tokens.
The researcher noted that this collaboration further strengthens the tokenized US Treasury market, with the potential to reach billion in value. In its announcement, the team behind the Ondo Finance platform summarized:
We’re excited to see BlackRock embracing securities tokenization with the launch of BUIDL, especially its broad cooperation with ecosystem participants. Not only does this further validate our original concept of a tokenized US Treasury fund, but it also bolsters our thesis that tokenization of traditional securities on public blockchains represents the next major step in the evolution of financial markets.
At the time of writing, the native token of Ondo Finance, ONDO, is trading at .909, exhibiting a surge of over 4% within the past 24 hours. This positive momentum adds to its impressive price uptrend of 115% recorded over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest?
Ondo Finance (ONDO), a decentralized finance (DeFi) protocol focused on tokenizing US treasuries, has witnessed a meteoric rise in its native token’s price over the past week. According to CoinMarketCap, although ONDO was only able to muster a meager 1.3% increase in the last day – yet pushing its value to a record-breaking .94 – the impressive feat comes on the heels of a 138% weekly gain, marking an impressive performance for the token.
ONDO Marks Banner Week With Big Numbers
Analysts attribute this surge to a confluence of factors. Whale investors, known for their significant holdings and market influence, have been accumulating ONDO at a substantial clip. Data from on-chain tracking platform Lookonchain reveals that three whale wallets recently withdrew over 9 million ONDOs, worth around million, from various exchanges. This behavior suggests a long-term bullish outlook on the token’s potential, potentially inciting a follow-the-leader mentality among retail investors.
Whales are accumulating #RWA token $ONDO!
Whale”0x56F9″ withdrew 6.53M $ONDO(.88M) from #Bybit in the past month.
Fresh wallet”0x92dD” withdrew 1.98M $ONDO(.78M) from #Gateio in the past hour.
Wallet”0xE6bf” withdrew 937,600 $ONDO(5K) from #Gateio 3 hours ago.
Address:… pic.twitter.com/o5jWqhresp
— Lookonchain (@lookonchain) March 25, 2024
Indeed, Santiment data analyzed by NewsBTC shows a 30% increase in the total number of ONDO holders since March 19th, surpassing the 10,000 mark. This influx of new investors, likely influenced by the whales’ actions and the overall hype surrounding tokenization, has further fueled the token’s price rally.
The recent surge in ONDO’s popularity coincides with a broader trend within the DeFi space. Last week, global investment giant BlackRock announced the creation of a tokenized fund on the Ethereum blockchain, allowing investors to earn US dollar yields through a decentralized platform. This move underscores the growing interest in tokenization, which involves representing real-world assets like securities, currencies, and real estate on a blockchain.
TVL Not Impressive Despite Weekly Rise
However, amidst the celebratory atmosphere surrounding the token’s price surge, a curious detail emerges. Despite the significant increase in ONDO’s value, the platform’s total value locked (TVL), a metric reflecting the total value of crypto assets deposited in its DeFi protocols, has remained relatively stagnant over the past week. While the reasons behind this discrepancy are unclear, it could be a cause for concern for some investors. A stagnant TVL might suggest that the recent price increase isn’t necessarily translating to increased usage of the Ondo Finance protocol itself.
Overall, the past week has been undeniably positive for Ondo Finance. The token’s impressive price surge, coupled with the current tokenization hype and strategic alignment with BlackRock’s recent venture, paints a promising picture for the future. However, the stagnant TVL serves as a reminder that long-term sustainability hinges not just on speculation but also on real-world adoption and the continued development of the Ondo Finance ecosystem.
Featured image from AlphaTradeZone/Pexels, chart from TradingView
Weekly Crypto Gainers: ONDO Tops the Chart, With ICP and XEC Making Strong Showings
Bitcoin and ethereum have recaptured some of their losses from the previous week, but a group of crypto assets have seen their values climb by double digits in the last seven days. About nine cryptocurrencies experienced increases of 20% or more, with ondo (ONDO) leading the charge with a 94% leap this week. The Week’s […]
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MasterCard Startpath Member Polytrade Moves to 2.0: Partners With Ondo, OpenEden, Maple, 4K, Goldfinch, and Others to Create Marketplace for RWAs
PRESS RELEASE. Polytrade, a leading real-world asset protocol, is taking a major step in its evolution, demonstrating its unwavering commitment to addressing the critical issues surrounding real-world assets. The platform is changing the way RWAs are aggregated and serves as a comprehensive solution for discovering, tokenizing, and facilitating liquidity for real-world assets.
Though the supply of real-world assets has seen significant improvement in recent times, the challenge remains on the demand side. The real-world asset space needs a dedicated platform purpose-built to facilitate discovery, primary sales, and secondary liquidity. Polytrade is stepping up to fill this crucial void by building an RWA Marketplace, the foremost platform that solves these issues.
Polytrade’s RWA Marketplace will serve as a dynamic hub where diverse assets find their value and participants can confidently interact in a secure environment. The marketplace shall have solutions not just for buyers, but also asset originators and secondary sellers. Assets on the marketplace will include everything that derives value off-chain including treasury bills, real estate, loans, structured finance as well as physical collectibles such as Pokemon cards, watches, sneakers, and other goods. It can be seen as an “OpenSea for RWAs”.
To achieve this Polytrade has partnered with protocols such as Ondo Finance, OpenEden, Goldfinch Finance, 4K, Swarm Markets, Pine, Teller, Clearpool, Maple Finance, Unikura, Atlendis, and others.
By bringing together these protocols and spurring interoperability and usability of the assets beyond simple purchase, Polytrade will create an ecosystem where RWAs can truly flourish. For example, Polytrade is working with protocols such as Teller and Pine to provide collateralized loans on the underlying RWA assets. Polytrade sees more partners emerging in areas such as derivatives, white-label distribution, investment banking, ratings, custody, and more.
In addition, Polytrade is also partnering with multiple chains to bring cross-chain interoperability for RWAs, starting with Ethereum and Polygon but soon expanding into other chains. This is key to matching liquidity supply and demand effectively since most RWA assets currently sit on Ethereum.
“We believe in bringing RWA players together, breaking down silos, and fostering a collaborative environment that benefits everyone. Together, we can create a more inclusive and efficient financial landscape.” – Piyush Gupta, CEO of Polytrade
The first phase will be focused on creating discovery and consideration for all assets and building secondary trading for the collectibles asset class. The launch is expected in December 2023.
Polytrade’s core mission is to empower individuals from all walks of life with the ability to invest in easily accessible assets. Polytrade believes in providing financial freedom to everyone, regardless of their economic background, through equitable access to asset ownership. Tokenized real-world assets are the perfect tool to achieve this mission as they level the playing field for all users, from professions and institutions to individuals in developed and emerging markets. In particular, users in emerging markets in the Middle East, Africa, Asia, and Latin America face an acute shortage of hard currency investment options, which can be addressed by access to these tokenized assets intuitively.
Polytrade has achieved remarkable innovations that have transformed the asset tokenization industry. Polytrade pioneered the tokenization of trade finance and authored the revolutionary ERC-6960 standard. The RWA Marketplace is set to redefine the landscape further.
Polytrade recently announced its participation in Mastercard’s Multi-token Network Innovation Sprint and its selection in the Mastercard StartPath Program. Mastercard has selected 7 startups including Polytrade for its global startup engagement program to scale innovation in blockchain and digital assets.
Link to announcement: [https://twitter.com/Polytrade_fin/status/1704123843181424972]
While Polytrade is moving to its next phase, it continues to stick to its trade finance roots. Trade Finance is the protocol’s long-standing expertise and is the first listed asset class on the RWA Marketplace.
“Polytrade was born out of a realization that core challenges in our current financial systems can be solved using blockchain, leading to not just better capital allocation but the meaningful last-mile impact. As our products mature, we are seeing the applicability of our standards across multiple asset classes,” says Piyush.
Launched in 2021, Polytrade has been known for bringing the T trade finance market on-chain, having funded assets of over M. While Polytrade is going beyond its home ground of Trade Finance, it remains a key focus area. One of the key innovations in trade finance is the new structure. Polytrade, for the first time in both TradFi and DeFi, is bringing a bankruptcy-remote trade finance trustee & auditor model. This means tokenized trade finance assets can be serviced directly by a trustee without direct involvement from Polytrade and each data point from insurance coverage, risk rating to yield and the counterparty will be confirmed by an auditor and on-chained via a trusted oracle.
Overall, Polytrade is now gearing up to solve a major roadblock for RWAs as a whole to succeed – the lack of a single platform for users to navigate the world of Real-World Assets. Users can be excited for this next leg of innovation to propel RWAs to the next level. Register for the upcoming marketplace: https://lnk.polytrade.finance/whitelist
Read more about Polytrade 2.0 in this official release note: [https://lnk.polytrade.finance/release-note]
Join Polytrade Communities:
English: https://lnk.polytrade.finance/english
Spanish: https://lnk.polytrade.finance/spanish
SEA: https://lnk.polytrade.finance/Asia
Turkish: https://lnk.polytrade.finance/turkish
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.