A successful integration of distributer ledge technology was achieved today by Swiss-based digital asset bank, Sygnum Bank AG. The bank will use this technology to issue tokenized shares. This is the first bank in the world to be successful in tokenizing its shares.
The issuance of digital tokens for the purpose of representing shares is the essence of share tokenization.
The bank used its proprietary tokenization platform, entitled Desygnate, to finalize the project. The platform facilitates the process by removing the necessary manual update of the shareholder’s registry, while also completely removing the cash settlement process.
Sygnum Bank AG revealed that the tokenization move is one of the pillars of a conceivable shares listing in both Switzerland and Singapore. If this is to be done, the bank announced that it will be partnering with another Swiss-based company dealing in financial services, SIX Digital Exchange.
Tim Grant, the director SIX Digital Exchange, expanded on this in a recent announcement,
“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,”
Switzerland is one of the leading nations in progress making when it comes down to crypto-friendly regulations.