Actual-world asset tokenization agency Securitize appointed Michael Sonnenshein, previously CEO of asset administration firm Grayscale Investments, as chief working officer.
“There’s huge demand for tokenization, and I’m thrilled to hitch Securitize at such a pivotal second for the corporate and the business,” Sonnenshein mentioned in a Thursday assertion. His appointment began on Dec. 9.
Tokenization is a booming sector on the intersection of digital property and conventional finance. The method entails representing monetary devices like bonds, credit score, commodities and different real-world property on the blockchain in pursuit of operational effectivity, speedier settlements and cheaper transactions.
Securitize is a key service supplier and market within the area, with over $1 billion value of tokenized devices on its platform. The corporate collectively manages asset administration behemoth BlackRock’s tokenized cash market fund BUIDL. BlackRock additionally invested in Securitize.
“Michael is a trailblazer whose strategic imaginative and prescient and skill to navigate complicated regulatory landscapes have helped pave the way in which for establishing digital property as a mainstream funding class,” Carlos Domingo, CEO and co-founder of Securitize, mentioned in an announcement.
Sonnenshein’s appointment adopted his departure earlier this yr from Grayscale, the place he had served as CEO since 2021. Throughout his tenure, the corporate was one of many companies to have a spot-based bitcoin ETF authorised to record within the U.S. in January. Grayscale had taken the Securities and Trade Fee (SEC) to court docket over the regulator’s repeated refusal to permit it to transform its flagship, closed-end fund Bitcoin Belief (GBTC), then a closed-end fund, into an ETF.
Sonnenshein additionally joined Aptos Labs, developer group of layer-1 blockchain Aptos (APT), as an adviser final month.
