Many interpret BlackRock pouring $100 million into Ethereum as a sign that institutional tokenization will finally take off on public, permissionless networks. 

It will — but BlackRock’s tokenized fund is only melting the tip of a Titanic-sized iceberg.

The crypto industry has cried wolf about institutions coming many times. By this point, we definitely know they’re interested in tokenization. The big players — BNP Paribas, JPMorgan, Goldman Sachs, the Hong Kong government, Franklin Templeton, Hamilton Lane and now BlackRock — have already been exploring blockchain technology for a while.

It’s certainly a watershed moment when the world’s largest asset manager opts for a…

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