World’s First Bank to Offer Tokenized Shares Is from Switzerland
- The Zurich-based Sygnum Bank has successfully tokenized its shares by using Desygnate platform.
Sygnum Bank AG, a digital asset bank based in Switzerland, announced today that it has successfully integrated distributer ledge technology to issue tokenized shares. Sygnum becomes the world’s first bank to completely tokenize its shares.
According to the official press release, the bank used its own Tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term platform, Desygnate to complete the implementation. Share tokenization is a process of creation and issuance of digital tokens to represent shares. Sygnum termed shares tokenization as an effective model to raise capital.
The new process removes the need for a manual update of the shareholder's registry and eliminates the lengthy cash settlement processes. The bank plans to facilitate clients with faster secondary market transactions.
Commenting on the announcement, Mathias Imbach, Co-founder of Sygnum Bank AG said: “We are excited to be the first bank in the world to tokenize our shares. This is an important milestone towards fulfilling our mission of creating more direct and efficient access to ownership and value. This includes new engagement models with our clients and partners, and ultimately providing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for our trusted shareholders.”
Future Public Offering
The bank outlined that the recent tokenization is a foundation for a possible listing of its shares in Switzerland and Singapore through a strategic partnership with another Zurich-based financial services company, SIX Digital Exchange.
“As we build institutional-grade, future-proof financial market infrastructure that leverages the benefits of distributed ledger technology, we need credible players and pioneers to drive mainstream adoption. We are excited to partner with Sygnum on this journey and hope to facilitate a successful dual listing across Switzerland and Singapore in the future,” Tim Grant, Head of SIX Digital Exchange, said in a statement.
Switzerland has made significant progress in recent years in terms of crypto-friendly regulations for local and international companies. Finance Magnates earlier reported about the announcement from the Bank of International Settlements (BIS) about successful testing of CBDC project Helvetia with SNB and SIX.
Sygnum Bank AG, a digital asset bank based in Switzerland, announced today that it has successfully integrated distributer ledge technology to issue tokenized shares. Sygnum becomes the world’s first bank to completely tokenize its shares.
According to the official press release, the bank used its own Tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term platform, Desygnate to complete the implementation. Share tokenization is a process of creation and issuance of digital tokens to represent shares. Sygnum termed shares tokenization as an effective model to raise capital.
The new process removes the need for a manual update of the shareholder's registry and eliminates the lengthy cash settlement processes. The bank plans to facilitate clients with faster secondary market transactions.
Commenting on the announcement, Mathias Imbach, Co-founder of Sygnum Bank AG said: “We are excited to be the first bank in the world to tokenize our shares. This is an important milestone towards fulfilling our mission of creating more direct and efficient access to ownership and value. This includes new engagement models with our clients and partners, and ultimately providing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for our trusted shareholders.”
Future Public Offering
The bank outlined that the recent tokenization is a foundation for a possible listing of its shares in Switzerland and Singapore through a strategic partnership with another Zurich-based financial services company, SIX Digital Exchange.
“As we build institutional-grade, future-proof financial market infrastructure that leverages the benefits of distributed ledger technology, we need credible players and pioneers to drive mainstream adoption. We are excited to partner with Sygnum on this journey and hope to facilitate a successful dual listing across Switzerland and Singapore in the future,” Tim Grant, Head of SIX Digital Exchange, said in a statement.
Switzerland has made significant progress in recent years in terms of crypto-friendly regulations for local and international companies. Finance Magnates earlier reported about the announcement from the Bank of International Settlements (BIS) about successful testing of CBDC project Helvetia with SNB and SIX.