coindesk.com
Real-world asset tokenization firm Securitize appointed Michael Sonnenshein, formerly CEO of asset management company Grayscale Investments, as chief operating officer.
"There is massive demand for tokenization, and I am thrilled to join Securitize at such a pivotal moment for the company and the industry," Sonnenshein said in a Thursday statement. His appointment started on Dec. 9.
Tokenization is a booming sector at the intersection of digital assets and traditional finance. The process involves representing financial instruments like bonds, credit, commodities and other real-world assets on the blockchain in pursuit of operational efficiency, speedier settlements and cheaper transactions.
Securitize is a key service provider and marketplace in the field, with over $1 billion worth of tokenized instruments on its platform. The company jointly manages asset management behemoth BlackRock's tokenized money market fund BUIDL. BlackRock also invested in Securitize.
"Michael is a trailblazer whose strategic vision and ability to navigate complex regulatory landscapes have helped pave the way for establishing digital assets as a mainstream investment class," Carlos Domingo, CEO and co-founder of Securitize, said in a statement.
Sonnenshein's appointment followed his departure earlier this year from Grayscale, where he had served as CEO since 2021. During his tenure, the company was one of the firms to have a spot-based bitcoin ETF approved to list in the U.S. in January. Grayscale had taken the Securities and Exchange Commission (SEC) to court over the regulator's repeated refusal to allow it to convert its flagship, closed-end fund Bitcoin Trust (GBTC), then 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.