Scaramucci's SkyBridge Plans to Tokenize $300M

SkyBridge Capital's founder, Anthony Scaramucci, announced plans to tokenize $300 million in assets on the Avalanche blockchain, as reported by Fortune. This initiative involves assets from two different funds; one dedicated to cryptocurrencies like Bitcoin, and the other to venture and crypto investments. Avalanche is gaining traction as a blockchain for real-world assets, making it a fitting choice for SkyBridge's efforts. Scaramucci revealed that this tokenization represents about 10% of the firm's total assets under management. Having a background as a Goldman Sachs executive, Scaramucci has also had a brief stint in the Trump administration. The tokenization trend is part of a broader movement among financial institutions aiming to digitize real assets, including Treasury bills, credit, stocks, mineral rights, and real estate. This process involves assigning digital tokens, which facilitate easier trading and transferring of real-world assets. Scaramucci’s interest in cryptocurrency began at least in 2020, when SkyBridge invested up to $182 million in Bitcoin for its funds. Subsequently, they launched the SkyBridge Bitcoin Fund LP to give qualified investors access to BTC. Scaramucci has remained bullish on Bitcoin, predicting it could soar to $700,000 at one point. However, SkyBridge has also faced challenges, having been connected to the now-defunct exchange, FTX. Disclaimer: The Block is a media entity delivering news and data. Foresight Ventures is a major investor in The Block, focusing on the crypto sector. This article is for informational purposes and does not constitute financial or legal advice.