Australian hedge fund Fortlake Asset Management has partnered with Backed, Sonic, and Chainlink to tokenize its Sigma Opportunities Fund, valued at $97 million. The collaboration aims to simplify asset management by bringing traditional financial assets onto the blockchain, expanding access to decentralized finance (DeFi). Managed by Fortlake, the fund's units will be converted into digital tokens, offering new opportunities within DeFi such as integration with lending markets and margin trading collateral. The tokenization process will be facilitated by Backed's Tokenization-as-a-Service platform, ensuring that the tokens are backed 1:1 by the fund's units. Sonic blockchain will process the transactions, while Chainlink's SmartData technology will accurately record the fund's Net Asset Value on the blockchain. This partnership highlights the increasing interest in blockchain-based solutions for asset management, with other institutions like Tether and SBI Digital Markets also exploring tokenization platforms for various assets. Read more AI-generated news on: https://app.chaingpt.org/news