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SkyBridge Capital, the investment firm founded by Anthony Scaramucci, is set to tokenize approximately $300 million in assets on the Avalanche blockchain. This significant move is expected to substantially increase the total value of tokenized assets on Avalanche, potentially by nearly 160%. The initiative involves tokenizing two of SkyBridge's funds: one focused solely on cryptocurrencies like Bitcoin, and another diversified fund holding both venture capital and crypto assets. This partnership with Tokeny, a specialist in institutional holding tokenization, marks a notable step for traditional finance players entering the real-world asset (RWA) tokenization space.
Key Takeaways
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SkyBridge Capital will tokenize $300 million in assets on the Avalanche blockchain.
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The tokenized assets will include a crypto-only fund and a diversified fund of funds.
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This move is expected to boost Avalanche's tokenized asset value by approximately 160%.
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SkyBridge is partnering with Tokeny for the tokenization process.
Tokenization on Avalanche
Anthony Scaramucci highlighted the core purpose of tokenization, emphasizing its potential to enhance transaction speed, reduce costs, and improve security compared to existing financial systems. He expressed confidence in the technology's ability to drive adoption, even in the face of potential resistance.
Avalanche, a prominent layer-1 blockchain, currently holds $1.9 billion in total value locked, according to DefiLlama. Its real-world asset (RWA) tokenization value stands at $188 million, ranking it twelfth among blockchains in this sector, as reported by RWA.xyz.
The Growing Real-World Asset Tokenization Market
SkyBridge Capital, founded in 2005, manages $2 billion in assets. The firm's entry into RWA tokenization aligns with a broader trend of traditional asset managers embracing this innovation. Companies like BlackRock and Franklin Templeton are also actively involved in tokenizing assets such as bonds and real estate, attracted by the prospect of fewer intermediaries, greater transparency, and improved investor accessibility.
The RWA tokenization market has experienced significant growth, increasing from $15.8 billion at the end of 2024 to $26.4 billion recently, a surge of 64.7%. Private credit and U.S. Treasurys are the dominant categories within this market, accounting for 58.8% and 27.7% respectively. Notable examples of traditional finance participation include BlackRock's BUIDL fund, Franklin Templeton's BENJI, Ondo's various funds, and WisdomTree's WTGXX.
Sources
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Scaramucci's SkyBridge Capital to Tokenize $300M on Avalanche, Cointelegraph.
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