SkyBridge Capital Tokenizes $300 Million on Avalanche Blockchain
Anthony Scaramucci’s SkyBridge Capital is set to tokenize $300 million across two funds on Avalanche.
On august 19, SkyBridge Capital revealed plans to tokenize assets through a partnership with Tokeny. This pioneering move aligns SkyBridge Capital with other major financial players exploring blockchain technology. Tokeny, an expert in enterprise-grade tokenization, was recently acquired by Apex Group Ltd., a financial services giant.
Tokenization involves transforming real-world assets like treasury bills and commodities into digital tokens. This enables easier trading and management. Notably, platforms like Ethereum and Avalanche facilitate this process. BlackRock and Fidelity are among the many firms already leveraging this tech.
Scaramucci, CEO of SkyBridgeCapital, stated: “We aim to revolutionize the option investment industry through tokenization.” The initiative covers about 10% of SkyBridge’s assets and includes the Digital Macro Master Fund and Legion Strategies.
Daniel Coheur, head of digital assets at Apex Group, notes: “SkyBridge’s move exemplifies the viability of large-scale tokenization.”
Avalanche hosts notable funds like BlackRock’s BUIDL and Franklin’s BENJI.According to rwa.xyz, over $187.9 million worth of real-world assets reside on the Avalanche network.
