It could also encourage more liquidity in otherwise hard-to-shift assets and bypass intermediaries that charge fees for their services, such as brokers or securities depositories. No less than Larry Fink, chief executive of BlackRock and past bitcoin critic, calls tokenisation the “next generation in markets”. PitchBook estimates that a total of 44 deals aimed at infrastructure and developer tools has risen to a cumulative $540mn year to date. “If you’re an investor and you’re looking at a start-up building infrastructure, it’s easier to understand who they’re selling to, what their business model looks like, and what their revenues can be,” said Robert Le, crypto analyst at PitchBook.

https://www.ft.com/content/14428c6e-63f8-4868-a85f-2d20f2c7973e