Plume Network announced plans to tokenize approximately $1.25 billion worth of real-world assets, offering holders the opportunity to generate yield in the process, the company said in a statement.
The goal is to tokenize assets including:A Plume Network spokesperson said the company is working on making “solar farms, private credit, Medicaid-funded invoices, (and) mineral rights” available to investors by Q4. Plume Network aspires to tokenize $3 billion in assets “eventually,” the person added.
““What sets Plume apart is our exclusive access to high-yielding private assets like private credit, Medicaid bonds, and renewable energy, which are being tokenized exclusively on our platform,” Plume Network co-founder and CEO Chris Yin said in a statement. “These assets have traditionally been out of reach for most investors.”
The yield-generating assets that Plume Network plans to tokenize include $500 million of private credit fund Credbull, $300 million of Plural Energy solar farms, some oil and gas mineral rights, and $120 million of Medicaid claims, the company said.
Medex CEO Akul Penugonda said in a statement that tokenizing Medicaid claims would solve liquidity problems for healthcare providers. Projective Finance CEO Josh Chinnaswamy said in a statement that Plume Network’s plan could improve financing challenges faced by the solar energy sector.
Yin told The Block that token holders “You can create all types of indices by increasing your exposure to individual assets or by pooling them into multiple pools.”
Plume Network isn’t the only blockchain startup looking to tokenize real-world assets. In June, Berlin-based Swarm Markets announced plans to offer individuals NFTs that represent ownership of physical gold.
In May, the blockchain startup, a modular layer-2 network focused on bringing real-world assets (RWAs) to the chain, raised $10 million in a seed funding round led by Haun Ventures.
Other investors who have invested in Plume Network include Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.