When the crypto industry talks about real-world assets (RWAs), the conversation usually stops at tokenized treasuries, equities, and money market funds.

Kula is taking the concept somewhere far less polished and potentially far more interesting.

Speaking on TheStreet Roundtable, Kula co-founder Micah Yeackley described a model that works more like a venture capital fund than a financial product wrapper.

The firm invests in natural resources and physical assets across emerging markets, takes equity, and backs its token with the value of those holdings.

“We are building basically a real-world asset backed token and we are investing into natural resources and real-world assets all over the world, building a diversified portfolio…