"Whoever used HBAR from the bottom must be smiling today, right?"
Unexpectedly, the price of the Hedera Hashgraph (HBAR) cryptocurrency surged to $0.18 as digital asset exchange Archax enabled the first tokenization of BlackRock's money market fund (MMF) on HBAR.
In addition to the HBAR network being built for the tokenization of institutional Real World Assets (RWA) at scale, the developer is making an extraordinary push towards asset management by bringing the world's largest asset manager on-chain.
Please note that Archax is also a London-based broker and custodian who has signed an agreement with the HBAR Foundation and Oqnera to bring MMF to the HBAR ecosystem.
The positive development comes after the largest active wealth manager in the United Kingdom (UK) abrdn plc and one of the key members of the Hedera Council marked their MMF on HBAR in 2023 which is a significant moment in the asset management industry.
In context, MMF not only provides suitable investment for investors but also a safe, liquid and stable investment option for anyone who wants to preserve capital and manage cash effectively.
Tokenized MMFs also allow users to trade shares on crypto exchanges such as Archax then there are additional benefits such as accelerated transfers and use as collateral versus being used for subscriptions and traditional penetration.
According to HBAR Foundation Chief Executive Officer (CEO) Shayne Higdon, HBAR's security and low-cost infrastructure is ideal for institutional grade tokenization for RWA plus it is in line with BlackRock CEO Larry Fink's statement that an immediate solution is possible.
As of this writing, HBAR price has surged by 53.89% at $0.13 in the last 24 hours with a market capitalization of over $4 billion then recorded a 71.90% increase over the last week.
