What to know:
- Former Grayscale Investments CEO Michael Sonnenshein joined Securitize as chief operating officer.
- Securitize places traditional financial instruments on blockchain rails, and has BlackRock among its investors.
As an analyst with extensive experience in the digital asset and traditional finance sectors, I find the appointment of Michael Sonnenshein as COO at Securitize to be a strategic move that underscores the growing convergence between these two worlds. With his background at Grayscale Investments, where he played a key role in the spot-based bitcoin ETF approval, and his recent involvement with Aptos Labs, Sonnenshein brings a unique blend of regulatory acumen, strategic vision, and industry expertise to Securitize, a company that is at the forefront of tokenization.
As a crypto investor, I’m thrilled about the recent appointment of Michael Sonnenshein as the Chief Operating Officer at Securitize. Previously, he was the CEO of Grayscale Investments, an asset management company. This move underscores Securitize’s commitment to strengthening its leadership team and I’m excited to see how his experience will contribute to their real-world asset tokenization efforts.
There’s a huge interest in tokenization, and I’m excited to be part of Securitize as they reach a crucial point in their journey and the industry as a whole.” This sentiment was expressed by Sonnenshein in a statement issued on Thursday. His tenure with the company began on December 9th.
As a researcher delving into this dynamic field, I find myself captivated by the rapid growth of tokenization, a sector that thrives at the junction of digital assets and traditional finance. Essentially, it’s about translating financial instruments such as bonds, credits, commodities, and even real-world assets onto the blockchain. The aim is to enhance operational efficiency, expedite settlement processes, and reduce transaction costs.
Securitize serves as a significant service provider and hub in the industry, hosting over $1 billion of tokenized financial tools. In partnership, they manage BlackRock’s tokenized money market fund, known as BUIDL. Notably, BlackRock has also made investments in Securitize.
According to Carlos Domingo, CEO and co-founder of Securitize, “Michael is a pioneer who has used his forward-thinking strategies and skills at maneuvering through intricate regulatory environments to create a path for digital assets to be recognized as a common investment category.
Sonnenshein assumed his new position after he left Grayscale earlier in the year, where he had been CEO since 2021. During his time there, the company was among those granted approval for a spot-based Bitcoin ETF to be listed in the U.S., which happened in January. Grayscale had previously initiated legal action against the Securities and Exchange Commission (SEC) due to the regulatory body’s continuous rejection of their proposal to convert their main fund, Bitcoin Trust (GBTC), from a closed-end fund into an ETF.
Sonnenshein also joined Aptos Labs, developer organization of layer-1 blockchain Aptos (APT), as an adviser last month.
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2024-12-12 18:59