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

Odaily Planet Daily News reported on Tuesday that the Hedera Foundation announced a partnership with Archax to tokenize BlackRock's ICS US Treasury Money Market Fund on the Hedera chain. Supporters of Hedera began claiming on social media that BlackRock had chosen Hedera to tokenize its fund, although this is not the case. Hedera's native HBAR token soared more than 107% on Tuesday before falling 25%.

Archax CEO Graham Rodford clarified today that it was Archax's choice to put the fund on the Hedera chain, and BlackRock did not directly participate in launching the tokenized money market fund on the Hedera chain.

The current funding rate for HBAR is negative as traders hope to short the recent surge. (CoinDesk)