Private Market News - 8/2/24

This week’s highlights: BlackRock 's BUIDL distributes $2.1 million in monthly dividends, Avalanche digitizes 42M car titles on-chain, Robinhood CEO Vlad Tenev talks tokenization, DigiFT publishes a comprehensive report on how BUIDL works, and Barnes & Thornburg LLP predicts a private credit boom.

BUIDL Distributes $2.1 million in Dividends

On Thursday, August 1, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) paid out $2.1 million in monthly dividends to holders on the Ethereum blockchain.

BUIDL has paid out over $7 million in dividends since March. BUIDL remains the largest tokenized fund, providing US dollar yields to holders. Securitize if proud to be BlackRock’s transfer agent, broker-dealer, and tokenization platform for BUIDL.

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Sources: Etherscan

California DMV Makes History, Digitizes 42 Million Car Titles on Avalanche Blockchain

In partnership with Oxhead Alpha, the California DMV has already successfully digitized 42M car titles on-chain.

“The escrow-like Avalanche blockchain smart contracts mediating the title transfer will allow consumers to track and manage their pink slip vehicle titles digitally, cutting down on trips to the DMV and post office. Blockchain technology may also provide an early warning system for lien fraud with its core function as an immutable ledger that bad actors cannot manipulate.”

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Sources: Avalanche

Robinhood CEO Vlad Tenev Touts Crypto and Tokenization as the Natural Transition for Financial Services: ‘An Obvious Technology Advantage’

The idea of tokenization is gaining momentum across the financial world. Recently, Robinhood Co-founder and CEO Vlad Tenev said he believes that tokenization is the ‘next transition’ for the future of financial services.??

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Sources: Leo Schwartz , Fortune

Institutions Enter DeFi: The Current Status of BlackRock's BUIDL | DigiFT

Curious about how BUIDL works?

DigiFT has recently published a comprehensive report.?

“Through tokenization of funds, BlackRock, in collaboration with Web3 institutions such as Securitize, Circle, and Ondo Finance, allows Web3 institutions to obtain real-world returns in the form of tokens on public chains, avoiding complex on-off ramp processes, adding application scenarios and increasing fund utilization efficiency through smart contracts.”

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Sources: DigiFT

Private Credit “Golden Age” to Continue

“The ‘golden age’ of private credit will continue, despite challenges such as rising costs for GPs and growing calls for liquidity. A new report from law firm Barnes & Thornburg has concluded that the private credit boom is set to continue, with 93 per cent of funds saying that they have either implemented, are implementing, or are considering implementing a private credit strategy.”

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Sources: Kathryn Gaw , Alternative Credit Investor