SkyBridge Capital to Tokenize $300M on Avalanche Blockchain
SkyBridge Capital, led by Anthony Scaramucci, is set to tokenize $300 million in assets on the Avalanche blockchain, significantly increasing its tokenized assets by nearly 160%. As reported by Fortune, the firm will tokenize two funds: one focused solely on cryptocurrencies like Bitcoin and another that combines venture and crypto assets. Collaborating with Tokeny, a firm specializing in institutional tokenization, Scaramucci emphasized the importance of tokenization in enhancing transaction speed, cost-effectiveness, and security. Currently, Avalanche has $1.9 billion in total value locked and ranks 12th in real-world asset (RWA) tokenization with $188 million. The RWA tokenization market, which converts physical assets into digital tokens, has gained traction this year, with major players like BlackRock and Franklin Templeton entering the space. The market has surged from $15.8 billion at the end of 2024 to $26.4 billion recently, showcasing a 64.7% growth, with private credit and US Treasurys being the most significant segments.
