According to a former Grayscale executive, traditional financial institutions are showing increased interest in tokenizing assets on public blockchains. Celisa Morin, who previously served as Vice President of Platform Distribution at Grayscale, explained that a new trend led by BlackRock could result in more firms opting for public chains over private ones. BlackRock recently launched a $100 million tokenized fund called ‘BUIDL’ on the Ethereum network, which currently holds $288 million in assets. Despite potential legal issues, Morin believes that many companies will follow BlackRock’s lead. She also highlighted Franklin Templeton’s tokenized money market fund on the Ethereum layer-2 network Polygon as another example of forward-thinking adoption. However, Morin expressed skepticism regarding the approval of spot Ether exchange-traded funds (ETFs) in May, citing a lack of communication between the United States Securities and Exchange Commission and fund issuers.
Former Grayscale executive reveals Traditional Finance firms' newfound preference for public blockchains