Hong Kong gaming and investment giant Animoca Brands has partnered with blockchain operator Rayls to tokenize real-world assets (RWAs), a move designed to bridge the gap between compliant banking infrastructure and the public crypto economy.
Animoca, Rayls Build Pipeline for Tokenized ‘Trillions’
1 December 2025 - 10:30 CET
By Sandmark staff
The collaboration, announced via a press release on Monday, sees Animoca moving beyond its traditional stronghold in consumer Web3 to build pipes for institutional capital.
Under the agreement, Animoca will identify asset classes and issuers for tokenization on Rayls’ infrastructure. The distribution will be handled via NUVA, a chain-agnostic vault marketplace designed to connect asset issuers with investors.
The plumbing
Rayls, developed by fintech infrastructure firm Parfin, provides the "plumbing" for the initiative. It will supply the institutional settlement layer and privacy protocols required by regulated entities, while NUVA acts as the front-end distribution channel.
Rayls will also provide NUVA with cross-chain bridging solutions and yield-enhancement technologies to boost liquidity.
Privacy focus
The partnership explicitly targets the privacy concerns that have kept many traditional institutions off public blockchains.
"Institutions seek stability and reliability in crypto adoption," said Marcos Viriato, co-founder and CEO of Parfin. "With Animoca Brands’ reach, Rayls can enable more widespread adoption of RWAs and pioneer new sectors for tokenization."
Evan Auyang, group president of Animoca Brands, positioned the deal as a scale play, stating that the partnership "unlocks a seamless pipeline for tokenizing trillions in real-world assets globally."
Hong Kong context
The initiative aligns with a broader push by Hong Kong regulators to establish the city as a hub for digital assets. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have actively promoted RWA pilots, including Project Ensemble.
The government has already issued tokenized green bonds, including an HK$800mn (approx. $103mn) issuance in 2023 and a HK$6bn (approx. $770mn) multi-currency offering in 2024. Major players, including HSBC, Standard Chartered and China Asset Management, are currently running pilot projects to test the tokenization of deposits and fund shares.
