Uniswap (CRYPTO: UNI) spiked 15% after BlackRock (NYSE:BLK) on Wednesday integrated its $1.8 billion BUIDL token onto UniswapX, purchasing an undisclosed amount of UNI tokens.
The BlackRock DeFi Entry
According to a press release, BlackRock will bring its Treasury-backed digital token BUIDL onto Uniswap, where institutional traders can buy and sell it through UniswapX technology.
The world’s largest asset manager also purchased UNI tokens as part of the deal.
Uniswap Labs partnered with tokenization firm Securitize to enable on-chain trading of BUIDL.
The integration creates near-instant liquidity between BUIDL and USDC for investors through 24/7 trading, 365 days per year.
Hayden Adams, Uniswap Labs CEO, said the collaboration supercharges the mission to make exchanging value cheaper, faster, and more accessible by creating efficient markets and better liquidity.
The mechanics work through whitelisting.
Securitize Markets facilitates trading for BUIDL investors who choose …