Coinbase Partners with BlackRock: Facilitating Infrastructure for Tokenized Investment Fund

Coinbase recently announced its selection as a key infrastructure provider for Blackrock’s new tokenized investment fund. 

This collaboration with Blackrock, renowned as the world’s largest asset manager. Involves issuing the first tokenized fund on a public blockchain named Blackrock USD Institutional Digital Liquidity Fund (BUIDL). In partnership with Securitize Markets. Coinbase Institutional expressed enthusiasm about this partnership. Emphasizing its dedication to bridging institutions with the crypto space. The BUIDL fund, open to qualified investors, aims to offer U.S. dollar yields. Through blockchain subscriptions via Securitize Markets. Investing primarily in cash, U.S. Treasury bills. And repurchase agreements, the fund maintains a stable value of $1 per token and distributes daily accrued dividends directly to investors’ wallets. Alongside infrastructure support, Coinbase also provides custody services for Blackrock’s bitcoin holdings in the Ishares Bitcoin Trust (IBIT) and is actively involved in Blackrock’s plans to introduce the Ishares Ethereum Trust. 

The BUIDL ecosystem includes Anchorage Digital Bank NA, Bitgo, Coinbase, and Fireblocks, with Blackrock Financial Management acting. As the investment manager and Bank of New York Mellon as the custodian and administrator. Securitize will serve as Blackrock’s transfer agent and tokenization platform, marking a significant advancement in digital assets solutions for institutional clients.

Clever Robot News Desk 22^nd March 2024