Today, tokenization firm Securitize has announced a partnership with alternative asset manager Apollo Global, which manages assets totaling $512 billion, to tokenize one of its funds. Securitize is launching a new tokenized feeder fund for the Apollo Diversified Credit Securitize Fund (referred to as “ACRED”). This fund will be accessible across six different blockchains, following Securitize's integration with the blockchain interoperability protocol known as Wormhole. Similar to most Securitize offerings, this fund is not available to the average retail investor. It requires a minimum investment of $50, 000 for accredited investors and can only be accessed through Securitize Markets, acting as the broker-dealer. Additionally, Securitize serves as the tokenization partner for BlackRock’s BUIDL money market fund, as well as feeder funds for Hamilton Lane and KKR. Among the early investors in ACRED are Coinbase Asset Management and Kraken. **Wormhole and Cross-Chain Interoperability** In regard to the Wormhole protocol, Securitize recently launched this cross-chain interoperability solution, which was established by Jump Crypto (part of Jump Trading) and has support from Brevan Howard and others.

Wormhole facilitates compatibility across over 30 blockchains, with Securitize initially listing ACRED on the Aptos, Avalanche, Ethereum, Ink, Polygon, and Solana networks. The operation of Wormhole involves locking the token on the original blockchain while minting a wrapped version on the target chain. “This tokenization offers an on-chain solution for the Apollo Diversified Credit Fund and could also lead to wider access to private markets through innovative products, increased secondary liquidity, and enhanced efficiency over time, ” stated Apollo Partner Christine Moy. Previously, Ms. Moy held a senior role at JP Morgan’s Onyx division, which has since been rebranded as Kinexys. Apollo began exploring blockchain technology in 2021 with a deal with Figure Technologies, the creator of the Provenance blockchain, and made a subsequent investment. In 2023, Apollo collaborated with JP Morgan to investigate the possibilities of tokenization and customized discretionary portfolios as part of the Singapore Project Guardian initiatives.