SkyBridge Capital, Anthony Scaramucci's investment management firm, plans to tokenize $300 million worth of its hedge funds on the Avalanche (AVAX) network.

The firm is bringing its Digital Macro Master Fund and Legion Strategies on-chain in partnership with tokenization provider Tokeny and its parent, Apex Group, which manages more than $3.5 trillion in assets, according to the press release shared with CoinDesk on Tuesday. Apex Tokeny earlier this year.

The initiative uses the ERC-3643 token standard with operational support from Apex’s Digital 3.0 platform, which handles issuance, administration, and distribution.

SkyBridge's decision underlines the growing appeal of using blockchain rails to transfer and record ownership of traditional financial instruments like bonds, funds and stocks, a process often dubbed tokenization of real-world assets (RWA). Global banks and asset managers are exploring this technology to cut settlement times, increase transparency and keep markets open around the clock.

Securitization firm VERT Capital announced to on XDC network and a tokenized credit platform on XRP Ledger, while tokenization specialist Securitize also offers tokens of various funds by Hamilton Lane, Apollo and KKR.

The tokenized RWA market has doubled over the past year, surpassing $26 billion, per data, and is projected to grow into a trillion-dollar market by 2030, according to reports by McKinsey, Ripple, BCG and others.

"We look forward to bringing our hedge funds into the digital, on-chain era, improving transparency, liquidity, and accessibility for our investors, and demonstrating how traditional finance and blockchain can work together to create smarter, more efficient investment solutions," SkyBridge Capital founder and CEO Anthony Scaramucci said in a statement.

Avalanche increasingly aims to position itself as a hub for tokenized assets. Bergen County in New Jersey the network to digitize property deeds of $240 billion in real estate, combating fraud and cutting processing time.

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