Anthony Scaramucci’s SkyBridge Capital is set to tokenise approximately $300m from two of its funds on the Avalanche blockchain, as the firm embraces the growing trend of real-world asset tokenisation, according to a report by Fortune.
According to crypto analytics provider DefiLlama Avalanche currently has nearly $2bn in assets.
The move represents around 10% of SkyBridge’s assets under management. One of the funds focuses on cryptocurrencies not classified as securities by the SEC, while the other is a fund-of-funds spanning SkyBridge’s venture and crypto portfolios.
Tokenisation allows digital representations of real-world assets º such as Treasury bills or fund stakes – to be traded directly on a blockchain, potentially reducing transaction fees and bypassing traditional intermediaries. SkyBridge plans to work with Tokeny, a specialist in tokenised offerings, to facilitate the launch.
John Wu, president of Ava Labs, the developer behind Avalanche, said the initiative aims to bring more traditional finance activity on-chain and demonstrate potential cost savings for investors. SkyBridge’s tokenisation plan follows similar moves by major asset managers including BlackRock, Franklin Templeton, and VanEck, who have launched blockchain-based money-market funds.
