Archax Co-Founder: BlackRock was not directly involved in deploying the ICS Fund on the Hedera chain

The Hedera Foundation announced Tuesday that it has partnered with Archax to tokenize BlackRock’s ICS U.S. Treasury Money Market Fund on the Hedera chain. Hedera supporters began claiming on social media that BlackRock chose the Hedera chain to tokenize its fund, even though this is not the case. Hedera’s native HBAR token surged more than 107% on Tuesday before retreating 25%. Archax CEO Graham Rodford clarified today that it was indeed Archax’s choice to put (the fund) on the Hedera chain, and BlackRock was not directly involved in launching a tokenized money market fund on the Hedera chain. HBAR’s current funding rate is negative as traders look to short the recent surge. (CoinDesk)