SkyBridge Capital, an investment firm founded by Anthony Scaramucci, is preparing to tokenize assets on the Avalanche platform.
SkyBridge Capital's Tokenization Plan
SkyBridge Capital announced on August 19 its plans to tokenize $300 million across two funds on the Avalanche blockchain. This initiative is a collaboration with Tokeny, an enterprise-grade tokenization platform recently acquired by the $3.5 trillion asset management firm Apex Group Ltd.
The Significance of Asset Tokenization
Tokenization of traditional financial assets is gaining traction among investment firms like BlackRock and Fidelity. The growing interest in real-world assets (RWA) on the blockchain allows investors to access such assets as Treasury bills, stocks, and commodities, much like cryptocurrency investments.
The Future of Tokenization on Avalanche
Scaramucci stated, 'Tokenizing our funds on Avalanche, supported by the technology and operational infrastructure of Tokeny and Apex Group, represents a significant step forward in modernizing the alternative investment landscape.' The tokenized funds will make up approximately 10% of SkyBridge Capital's assets under management, including the Digital Macro Master Fund Ltd and Legion Strategies Ltd.
Thus, the SkyBridge Capital project highlights the growing trend of tokenization in the financial sector. Together with Apex Group and Tokeny, SkyBridge aims to leverage blockchain technology for enhancing efficiency and access to alternative investments.
