Pantera Capital is the world’s largest crypto-investment company. “great on-chain migration” Tokenization is now a real thing.
In a new newsletter, Pantera general partner Franklin Bi says “the rise of tokenized assets today mirrors the early days of ETFs (exchange-traded funds).”
The investor says:
When the first U.S. Equity ETF launched in 1993 it had surpassed $1 billion AUM in less than a year. The real turning point was not its size. The real inflection point was not its size. It came when ETF flows began to match and then surpass mutual fund flows. Market structure and investor behaviour changed at that time.
The tokenization of the market will also have an impact on investor and issuer behavior and broad changes in the structure and behaviour of markets.”
Bi claims that if any of the following four scenarios occurs, then tokenization has reached its tipping-point. The four things are: daily on-chain volume of equity exceeding $1billion, tokenized AUM surpassing $100 billion, a large public company with more liquidity in the chain than at its home exchange; and a global IPO listing that bypasses New York altogether and issues shares directly on-chain.
“When it happens, it will feel obvious in hindsight as tokenization’s ‘ETF moment.’ Today’s early adopters are focused on applying a better set of rails, but the biggest story is the structural shift in the future of capital markets. Once the migration is complete, blockchains will be recognized as the default destination for capital formation, price discovery, and value transfer. The first and last stop for issuers and investors.”
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