Skybridge Capital, Anthony Scaramucci’s investment management company, plans to tokenize $ 300 million worth of its hedge funds on avalanche
network.
The company brings its digital macro-master fund and legion strategies on-chain to partnership with tokenization provider Tokeny and its parent, Apex Group, which manages more than $ 3.5 trillion in assets, according to the press release shared with Coindesk on Tuesday. Apex acquired Tokeny earlier this year.
The initiative uses the ERC-3643 Token Standard with Operational Support from Apex’s Digital 3.0 platform that handles issuance, administration and distribution.
Skybridge’s decision emphasizes the growing appeal by using blockchain rails to transfer and record ownership of traditional financial instruments such as bonds, funds and stocks, a process often called tokenization of assets in the real world (RWA). Global banks and asset managers are investigating this technology to cut down -down times, increase transparency and keep markets open around the clock.
Securitization Firm Vert Capital announced to tokenize $ 1 billion debt and receivables on XDC Network and debuted a tokenized credit platform at XRP Ledger, while tokenization specialist Securitize also offers tokens of various funds from Hamilton Lane, Apollo and KKR.
The tokenized RWA market has doubled in the past year and surpassed $ 26 billion per year. Rwa.xyz data and is expected to grow to a billion dollars market by 2030, according to reports from McKinsey, Ripple, BCG and others.
“We look forward to bringing our hedge funds into the digital, on-chain era, improving transparency, liquidity and accessibility to our investors and demonstrating how traditional finances and blockchain can work together to create smarter, more effective investment solutions,” said Skybridge Capital foundation and CEO Anthony Scaramucci in a statement.
Avalanche is increasingly aiming to place themselves as a hub for tokenized assets. Bergen County in New Jersey uses the network to digitize property rights of $ 240 billion in real estate, fight fraud and cutting treatment time.
Read more: Stellar Development Foundation invests in Archax for the purpose of increasing tokenization
