Leading tokenization firm Securitize has surpassed $1 billion in tokenized onchain assets, largely led by the breakout success of BlackRock’s BUIDL fund. The firm crossed this milestone in conjunction with its litany of other funds alongside BUIDL, which crossed the half billion dollar mark in July.
“It's not a huge surprise that people want it. It's a surprise also how fast this has worked in such a small period of time. But I still think that we're scratching the surface,” Carlos Domingo, co-founder and CEO of Securitize, told The Block in an interview.
The firm announced the milestone on Thursday, the same day it unveiled a new service aiming to simplify and condense tokenized fund administration. The company is launching a new venture called Securitize Fund Services to streamline operational and compliance tasks associated with creating new blockchain-based real-world asset products.
"We decided to basically launch our own fund admin service,” Domingo said. "Traditional fund admins are not set up to serve onchain securities for tokenized funds that move at blockchain speed."
The fund administrator service, which will help companies like BlackRock and Hamilton Lane create new crypto-based funds, also assists in regulatory compliance, tax services, financial reporting and record keeping.
In other words, the role of a fund admin is to ensure a fund operates efficiently. However, traditionally in crypto, fund administration has been split among a number of competing firms, largely from Wall Street.
Domingo said consolidating the service in-house would help the firm better serve customers and open the door to new opportunities, including launching new and existing products on additional blockchains. The service will be available globally because fund administration is not a regulated activity.
"We have a lineup of customers already,” Domingo, who is speaking at The Block’s Emergence conference in December, said.
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