The HBAR token experienced a remarkable surge of over 100% on Tuesday, all due to a misinterpreted message. BlackRock, a prominent investment company, has now clarified that they were not involved in the tokenization initiative. According to BlackRock, there is absolutely no commercial relationship between the two companies, and they have not tokenized any of their funds, including the substantial $22 billion money market fund, using the Hedera Hashgraph.
The surge in the HBAR token occurred after the HBAR Foundation made an announcement on X, stating that blockchain companies Archax and Ownera had tokenized BlackRock’s ICS U.S. Treasury Fund on the Hedera platform. Unfortunately, some readers misunderstood the message, assuming that BlackRock was indeed involved in the initiative.
A representative from BlackRock has now clarified that the message did not indicate their involvement in the tokenization initiative. Despite this clarification, the HBAR token’s price has plummeted by 12.8% in the last 24 hours, currently trading at $0.1108, according to data from CoinMarketCap.
The representative further stated that BlackRock will continue to keep the public updated on their digital asset strategy, just as they have done in the past. Despite the misunderstanding, the statement from the HBAR Foundation has gained significant attention, with over 3,200 reposts and 2.9 million views within a little over 36 hours since its upload.
Later on X, Archax CEO Graham Rodford shed light on the situation, explaining that his company chose to tokenize shares of BlackRock’s money market fund, with BlackRock being “aware” of this move. In a conversation with cryptocurrency YouTuber Jesus Martinez, Rodford provided additional details regarding this subtle distinction.
The CEO stated:
Highlighted Crypto News Today:
Prepare for the possibility of an upswing in BEFE Coin’s price.
share
