
Tuesday, May 28, 2024 11:54:35 AM
Domingo highlighted the importance of institutional safety in using Ethereum, as the approval eliminates concerns about Ethereum's native token, ETH, being classified as a security. He emphasized that Ethereum is now considered safe for institutional use, further bolstering its position as a reliable platform for asset tokenization.
This is beneficial to protocols specializing in tokenizing real-world assets (RWAs), such as Ondo Finance. The project focuses on providing institutional-grade financial products and services, including tokens offering USD yield or exposure to US Treasuries. In 2022, Ondo Finance raised $20 million in a Series A funding round led by Pantera Capital and Peter Thiel's Founders Fund. Following the approval of spot Ethereum ETFs, ONDO experienced a significant surge in its governance token, ONDO, gaining 32.8% over the past week. It is currently trading at $1.23.
BlackRock CEO Larry Fink has long regarded tokenization as the next step from ETFS, envisioning reduced fees and instantaneous settlement facilitated by blockchain technology. BlackRock's strategic funding round of $47 million in tokenization firm Securitize further solidifies its commitment to the sector.
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