SkyBridge Capital, founded by Anthony Scaramucci, is taking a significant step towards cryptocurrency by transitioning two hedge funds valued at nearly $300 million onto the Avalanche platform.
Role of Tokeny in Tokenization
Tokeny, part of the Apex Group, is playing a key role in SkyBridge's asset tokenization process. The Digital 3.0 platform will be utilized for the digital transformation of the funds, facilitating the issuance and management of crypto tokens. The choice of the ERC-3643 token standard emphasizes security and regulatory compliance.
Next Steps for the Industry
Other firms are also looking to transition to digital assets. For instance, VERT Capital plans to migrate nearly $1 billion in debt to the XDC network. Securitize is offering digital tokens from funds owned by Hamilton Lane, Apollo, and KKR, indicating the growing interest in tokenization.
Potential of Blockchain Technology
With the adoption of blockchain for traditional financial products, the market is expected to grow, having doubled in the last year to over $26 billion. By 2030, this sector is projected to reach a trillion-dollar valuation. Anthony Scaramucci stated: "We are delighted to transition our funds to the new era of digital and blockchain, aiming to provide new possibilities for our investors in terms of transparency and liquidity."
SkyBridge Capital plays a crucial role in leading the financial sector towards the adoption of blockchain technology, opening up new possibilities for traditional asset management and the creation of new business models.
