Sygnum, a cryptocurrency-focused Swiss bank, wants to tokenize Picasso’s Fillette au béret painting in a partnership with Artemundi, an art investment firm. According to an announcement, investors could purchase and trade "shares" in the artwork called Art Security Tokens (ASTs). Sygnum plans to issue 4,000 tokens with a minimum subscription of $5,400.
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"This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank," the bank said.
The Picasso's art is priced at $4.3 million. The bank hopes that the tokenization will lower the barriers to art investment. Sygnum says secondary trading of tokenized shares will be available on SygnEx, Sygnum's cryptocurrency exchange.
Earlier in July, the Zürich-based bank added support for Ethereum 2.0 staking. The bank said it became the first financial institution to offer staking of ETHs.
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