Blockchain Capital (BCAP)

One of the earliest attempts to tokenise a venture fund: an interest in the Blockchain Capital fund was wrapped in a token and offered in 2017 as a security, with restrictions on who could buy it. The point of the structure was to give an illiquid private-fund interest a transferable form it normally lacks. It belongs to the real-world-asset category, where the token represents a claim on something off-chain. That 2017 experiment predates the current tokenisation wave, which arrived from established asset managers.