Tradable announced that it has tokenized $1.7 billion in private credit on the Zksync layer 2 blockchain. We were curious about which asset managers originated the credit, but it turns out the seed investors last year were Victory Park Capital (VPC) and Spring Labs.
Tradable is headquartered in the Chicago offices of VPC, which in turn was recently acquired by Janus Henderson. The new CEO of Tradable is also head of technology at VPC. Given VPC is a major asset manager in the private credit sector, a large chunk of the tokenized assets were likely originated Victory Park Capital. We requested further details about the deal originators but didn’t get a response in time for publication. If most of it is from VPC, then it represents a reasonable proportion of VPC’s $10.6 billion total investments to date.
So far there are 27 tokenizations, ranging from personal injury legal receivables to buy now pay later and music royalties. Most of it is in North America, but some tokens relate to Singapore credit and others have Latin American exposure. The profile of qualifying investors depends on the tokenization issuance.
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