Plume Network has announced plans to tokenize about $1.25 billion worth of real-world assets, and in the process, offer holders a chance to earn yield, the company said in a statement.
The goal is to tokenize assets including "solar farms, private credit, Medicaid-backed invoices, [and] mineral rights" in order to make them accessible to investors by the fourth quarter, said a Plume Network spokesperson. Plume Network aspires to "eventually" have $3 billion in assets tokenized, the person added.
"What makes Plume stand out is its proprietary access to high-yield, privately held assets, such as private credit, Medicaid receivables, and renewable energy, that are being tokenized exclusively on our platform,” said Plume Network co-founder and CEO Chris Yin in a statement. “These assets, traditionally out of reach for most investors."
The yield-bearing assets Plume Network intends to tokenize include $500 million worth of private credit fund Credbull, $300 million of Plural Energy solar farms, some oil and gas mineral rights and $120 million worth of Medicaid claims, the company said.
Medex CEO Akul Penugonda said the tokenization of Medicaid claims will solve liquitity issues for healthcare providers, according to a statement. Josh Chinnaswamy, CEO of Projective Finance said Plume Network's plan could improve financing challenges faced by the solar energy sector, the statement also said.
Yin told The Block that token holders will be able to gain "exposure to individual assets or they can be put together into different pools to create any type of index."
Plume Network is not the only blockchain startup aiming to tokenize real-world assets. In June, Berlin-based Swarm Markets said it planned to offer individuals NFTs which will represent ownership of physical gold.
In May, the blockchain startup, which is a modular Layer 2 network focused on bringing real-world assets (RWAs) on-chain, raised $10 million in a seed funding round led by Haun Ventures.
Other investors in Plume Network included Other investors in the round included Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures and Reciprocal Ventures.
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