Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, has revealed plans to tokenize approximately $300 million from two of the firm’s funds on Avalanche.
SkyBridge To Put 10% Of Assets On Avalanche Chain
Scaramucci’s SkyBridge Capital intends to convert a portion of its assets into tokenized form, a process that involves creating digital tokens representing real-world assets. These tokens can be traded easily on a blockchain, similar to cryptocurrencies like Bitcoin or stablecoins. The company will utilize the Avalanche (CRYPTO: AVX) blockchain, which currently hosts nearly $2 billion in assets, as per a Fortune report on Wednesday.
Scaramucci predicts that the years 2026 and 2027 will witness a surge in real-world tokenization. This move will see around 10% of SkyBridge’s assets under management being deployed on the Avalanche blockchain.
One of the funds being tokenized by SkyBridge focuses on non-security cryptocurrencies like Bitcoin (CRYPTO: BTC), while the other is a fund of funds comprising various investment vehicles, including venture and crypto funds.
Supporters of tokenization say that offering products such as investment funds on decentralized networks can lower transaction costs and remove the need for intermediaries. SkyBridge Capital plans to partner with Tokeny, a tokenization-focused firm, to launch its funds on Avalanche.
Scaramucci Sees Avalanche As ‘Ethereum Killer’ Network
Scaramucci’s decision to tokenize a substantial portion of SkyBridge’s assets comes on the heels of his recent endorsement of the Avalanche network. In early August, Scaramucci suggested that the Avalanche network was on the verge of significant growth, dubbing it an ‘Ethereum Killer’ network.
Meanwhile, Toyota Blockchain Lab also revealed details of its Mobility Orchestration Network (MON) prototype — a blockchain-based framework designed to foster trust across global mobility ecosystems — using Avalanche as its core infrastructure.
The SkyBridge founder had previously made headlines for maintaining a year-end Bitcoin price target of $180,000-$200,000 despite the ongoing market pullback. He has also been vocal about the potential impact of traditional financial institutions embracing Bitcoin, describing JPMorgan‘s reported plans to offer loans backed by Bitcoin as a “big deal”.
These moves by Scaramucci and SkyBridge Capital reflect a broader trend of traditional financial players embracing blockchain technology and cryptocurrencies, signaling a potential shift in the financial landscape.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
