Securitize has another $47 million in the bank after completing a funding round backed by BlackRock, the world's largest asset manager.
The investment comes as BlackRock directs more resources to the blockchain and cryptocurrency sectors.
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Headquartered in Miami, Securitize's platform converts traditional financial assets like stocks and currencies into digital tokens and stores them on the blockchain.
"We believe that tokenization has the potential to drive a significant transformation in capital markets infrastructure," said Joseph Chalom, global head of strategic ecosystem partnerships for BlackRock. "Our investment in Securitize is another step in the evolution of our digital assets strategy."
Chalom was appointed to the startup's board of directors as part of the deal.
Financial services giant Hamilton Lane, ParaFi Capital, and Tradeweb Markets also contributed to the funding round. It's not Securitize's first major investment: In 2021, the company raised $48 million in a series B round led by Morgan Stanley – the firm's first investment in a blockchain venture.
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BlackRock recently launched its first tokenized fund issued on the Ethereum blockchain called the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). It is available to investors who subscribe with Securitize.
Securitize will use the capital injection to grow its market footprint and accelerate product development, according to a news release.
"In our view, the transformative potential of blockchain technology to reshape the future of finance in general is promising," Securitize co-founder and CEO Carlos Domingo said.
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