Based on rumors reported by Bloomberg, BlackRock is conducting negotiations with leading crypto platforms to deploy its BUILD token as collateral for derivative products. What do we know?
BlackRock would seek to deploy its BUILD on major platforms
Last spring, BlackRock partnered with Securitize to launch its own tokenized investment fund called BUILD, all deployed on the Ethereum (ETH) blockchain.
Since then, the asset has grown little by little, to the point that it is now capitalized at just over $550 million at the time of writing these lines. In order to continue this development, BlackRock is now reportedly looking to form partnerships with various leading exchangesso that its BUILD token can be used as collateral for derivative products.
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Thus, Bloomberg reports that people close to the matter who chose to remain anonymous have suggested that Binance, OKX and Derebit were among the platforms with which negotiations were underway. Among the brokers already authorizing the use of BUILD as collateral, FalconX and Hidden Road have already taken the plunge.
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Regarding the names previously mentioned, most of them, including Binance and BlackRock, declined to comment. However, Securitize, although also evasive, did not deny these rumors:
The BUIDL ecosystem continues to grow and we see significant potential in traders using the fund as collateral.
On the side of Derebit, its CEO Luuk Strijers indicated that the company was examining several tokens, including BUILD, for possible use as collateral. A few weeks ago, it was Ethena who announced the arrival of the UStb stablecoinfully collateralized thanks to BUILD.
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If such partnerships come to fruition in the near future, it would constitute an additional major step forward for BlackRock in the cryptocurrency ecosystem. At the same time, the fund manager's Bitcoin ETF (BTC) has a capitalization of $26.16 billion, compared to $1.13 billion for the Ethereum ETF (ETH).
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Source: Bloomberg
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