Centrifuge Pockets Investment from Celo, Tokenized Cash Assets are Increasingly in Demand

Bittime - Centrifuge, the leading tokenized real-world asset (RWA) protocol, is expanding its reach to the Celo network.

Announced on March 29, 2024, an anonymous entity from the Celo ecosystem invested $100,000 into tokenized cash assets through Anemoy, Centrifuge's original asset manager. They also allocated an additional $1 million to invest later.

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"Members of the Celo ecosystem have completed the first Centrifuge RWA transaction on Celo, allocating up to $1 million into the Anemoy Liquid Cash Fund," Centrifuge said. "We look forward to bringing high-quality assets and liquidity to the Celo ecosystem."

Also read: What is a Centrifuge (CFG)? Access to Real-World Funding via DeFi

"The Celo ecosystem sees Centrifuge as a strategic partner to attract additional asset classes, such as private credit, that Centrifuge has long brought to the blockchain in a secure and compliant manner," said Alex Witt, former chief financial officer of the Celo Foundation.

With the expansion to Celo, Centrifuge now operates on five networks: Arbitrum, Base, Ethereum, Centrifuge's own blockchain (a Polkadot parachain), and most recently, Celo. According to DeFi Llama, Celo is a Layer 1 network with a total value locked (TVL) of $210 million.

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US Tokenized Cash Assets Soar

This news comes at a time when the RWA sector is booming. 21Shares estimates assets under management (AUM) of on-chain cash assets have reached a new high above $1.1 billion.

This follows the steps of BlackRock, the world's largest asset manager, which plunged into asset tokenization last week through the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

Also read: What is Tokenized Stock?

BUIDL has raised more than $244 million from investors in just about a week of operation, making it the second-largest tokenized cash asset fund behind Franklin Templeton's OnChain US Government Money Fund with $360.5 million.

Anemoy, which launched as Centrifuge's first native asset manager in August 2023, serves as an investment vehicle into the buzzing tokenized US cash asset sector.

Celo's investment brings Anemoy's AUM to $4.66 million. The project also received an allocation from the Web3 Foundation (Polkadot) and integration from Finoa, a crypto asset custody service provider regulated by the German Federal Financial Supervisory Authority.

Anemoy's AUM is expected to increase rapidly due to increasingly larger allocations of Web3 cash. Frax approved a proposal to invest $20 million into a treasury bill through Anemoy last December, and Gnosis DAO also agreed to invest $10 million in January.

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"We view Treasury yields as a commodity with the main differentiator being the legal framework," said Lucas Vogelsang, CEO and co-founder of Centrifuge.

Centrifuge is also launching Centrifuge Prime, an RWA investment platform targeting DAO cash, in June 2023. Centrifuge told The Defiant that scaling Prime operations is currently a top priority for the project.

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