Sygnum, a cryptocurrency-focused bank located in Switzerland, has announced the tokenization of its own shares.
The bank claims it made it possible with the help of an in-house tokenization platform called Desygnate. With the tokenization, the bank aims to go public. However, no dates have been disclosed.
Currently, the Zurich-based bank is exploring several strategies in Switzerland and Singapore, including a potential dual listing with ecosystem partner SIX Digital Exchange (SDX), and with the Singapore-based cryptocurrency exchange partnership between SDX and SBI Digital Asset Holdings.
Mathias Imbach, Sygnum Bank AG Co-Founder & Group CEO Designate, says with digitization Sygnum has become the very first bank in the world to tokenize shares.
"This is an important milestone towards fulfilling our mission of creating more direct and efficient access to ownership and value," Imbach added.
Sygnum will also study the usage of smart contracts for its tokenized shares to enable "the full potential of stakeholder relationships." The bank is exploring the ways to reward long-term shareholders with tokenized micro-shares via a micro-shares program.
In November 2020, Sygnum started offering the purchase, custody, trading, credit and staking services for the Tezos blockchain’s native XTZ token. The bank's clients can use fiat currencies, including CHF, EUR, SGD and USD, to buy, hold and trade XTZ.
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