Memecoin donations pour in for BlackRock $100 million token fund partnered with Coinbase Memecoin donations pour in for BlackRock $100 million token fund partnered with Coinbase
BlackRock's BUIDL wallet has received memecoins donation from the crypto community.
2 min read
Updated: Mar. 21, 2024 at 9:33 am UTC
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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 crypto industry.
Coinbase said:
“This partnership reflects our commitment to connecting institutions to crypto and demonstrates our ability to provide the necessary technology and products to support the rapidly growing tokenization sector.”
Notably, Coinbase already has an extensive business relationship with BlackRock. The crypto exchange is the custodian for the asset management firm’s flagship spot Bitcoin exchange-traded fund (ETF) product, IBIT.
Other institutions, including BNY Mellon, crypto infrastructure provider Fireblocks, Anchorage Digital Bank, and digital assets trust company BitGo, are also involved in the fund.
Memecoin donations
On-chain data shows that an Ethereum wallet identified as BlackRock’s BUIDL fund by blockchain intelligence platform Arkham Intelligence has received extensive donations from several crypto community members.
Arkham’s dashboard shows that the wallet received over $50,000 worth of memecoins and non-fungible token donations, including established digital assets like PEPE and relatively unknown coins like ROCK and GAINS.
As of press time, the total value of assets in the wallet stands at $100.05 million.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
BNY Mellon
BNY Mellon, also known as The Bank of New York Mellon Corporation, is a global financial services company that provides a range of investment management, investment services, and wealth management services.
Anchorage Digital
Anchorage Digital is a regulated cryptocurrency platform that offers integrated financial services and infrastructure solutions to institutions.
Fireblocks
Fireblocks is an all-in-one platform for building your digital asset business.
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.
