BlackRock's money market fund has been tokenized on the Hedera blockchain, sending Hedera up 96% in the past 24 hours, but the world's largest asset manager had nothing to do with the switch to the chain, although many thought so.
A widely misinterpreted April 23 post by HBAR Foundation X - the organization behind the Hedera network - stated that blockchain trading and infrastructure companies Archax and Ownera tokenized BlackRock's ICS US Treasury Fund on its network.
A video shared with the announcement seemed to suggest that Ownera, Archax and BlackRock had collaborated on the venture, with HBAR claiming that this "brings the world's largest asset manager online."
Some cryptocurrency influencers with a large number of X-watchers shared a misinterpretation of the post - which has amassed more than 1.6 million impressions and 2,700 reposts in the past 15 hours - believing it implied that BlackRock was responsible for moving a $22.3 billion fund onto the blockchain or that Archax and Ownera had collaborated.
The founder of the Cardano Ghost Fund DAO, Chris O'Connor, stressed , that BlackRock was "not involved" in the development of Hedera and sharply criticized the HBAR Foundation for the way it worded the statement.
