Anthony Scaramucci, the founder and managing partner of alternative asset management and investment firm SkyBridge Capital, has backed modular exchange platform Kinto ahead of its token launch.
Scaramucci says he is among the early investors and supporters of Kinto, with his firm backing the platform with a $150,000 investment.
“Kinto’s modular exchange opens up tremendous possibilities for institutional investors to deploy capital on-chain and tokenize products without counterparty risk,” Scaramucci said.
The project’s native token, $K, launches on Feb. 18, via a fair auction.
Kinto’s modular exchange aims to expand in the decentralized finance market. According to a press release, it offers a platform that caters to both institutional and retail investors amid the rapid growth in real-world asset tokenization.
As part of its blockchain and non-custodial smart wallet infrastructure, Kinto uses Chain Abstraction technology to allow users to move assets on and off-chain easily. Customers can achieve this without the need for centralized exchanges.
Kinto’s user base has grown to about 75,000 verified users, while its DeFi traction has pushed its total value locked to $62 million.
“Kinto has built a functioning product, established a verified user base, and created steady revenue streams. Tokenized finance represents a significant and exciting opportunity,” Scaramucci added.
Meanwhile, interest in Kinto has attracted asset integration from several institutional investors. As crypto.news highlighted, Brevan Howard Digital has deployed $20 million in assets on Kinto—a move that signals the growing demand for on-chain financial products from the traditional finance sector.
Beyond SkyBridge, other venture capital firms backing the exchange’s total $7 million raise include Parafi, Spartan Group, Modular, and Robot Ventures.
Read the full article here