SkyBridge Capital announced plans to tokenize $300 million worth of hedge fund assets on the Avalanche blockchain. The initiative represents a collaboration with tokenization platform Tokeny and its parent company Apex Group, which services over $3.5 trillion in assets as fund administrator.
The investment management company, founded by Anthony Scaramucci in 2005, will bring two funds onto the blockchain: the Digital Macro Master Fund Ltd and Legion Strategies Ltd. The tokenization will use the ERC-3643 standard, which enables institutional permissions on permissionless chains. It will operate through Apex Group’s Digital 3.0 platform, which provides integrated capabilities for the creation, issuance, administration and distribution of tokenized assets.
The tokenized funds will likely be available exclusively to accredited investors, given they are hedge funds. Scaramucci, a former Goldman Sachs executive and White House Communications Director, is a well known figure in the crypto sector and the organizer of the SALT conferences. In 2022 he created SALT Crypto in the Bahamas, in collaboration with FTX’s Sam Bankman-Fried. It attracted more than 2,000 visitors and featured guests such as Bill Clinton, Tony Blair and Tom Brady. FTX acquired 30% of SkyBridge. The association with Bankman-Fried may have delayed Scaramucci’s move into tokenization. Other alternative asset managers such as Hamilton Lane and Apollo have already adopted blockchain technology.
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