Sygnum Bank Tokenized Vintage Wines on Desygnate Platform – Bits Media

C 1 February in Switzerland is allowed to produce tokenized assets. SYGNUM Bank the first tocenized "Investment Truck Wine", By releasing tokens on the Desygnate platform.

Swiss bank Sygnum tocenized the first set of assets in accordance with the new law countries, relating to the use of distributed registry technology (DLT). Sygnum Bank united with the Fine Wine Capital AG for the tokenization of a number of “investment stroke wines” and released tokens, representing alcohol assets, On the Sygnum Desygnate platform.

The release of assets became possible thanks to the entry into force with 1 February of the first stage of the new law, allowing to register and transfer tokenized assets. The law will open access to luxury items, eg, Diamonds and loafers, for a larger number of investors by increasing the availability and liquidity of such assets.

“The tokenization of wine assets allows us to expand our database of private investors-collection at the expense of new private and institutional investors. This gives them the opportunity to effectively store, trade or request a physical calculation for this unique asset ", - said the co -founder of Fine Wine Alexander Challand (Alexandre Challand).

Records of ownership of tokenized assets, released on Desygnate, entered into the blockchain register, which has mandatory legal force. Property rights can be transferred to other persons exclusively by the DLT system in accordance with the new Law of Switzerland. The head of the Sygnum regulatory technology department Gino Virtenson (Gino Wirthensohn) said:

“The legislative provisions that have entered into force guarantee, that the tokenization of assets has become a viable alternative to traditional securityization ".

New Law, first proposed by the Federal Council of Switzerland in 2019 year, a strict legislative process has passed, Before last summer was approved as the lower, so the upper house of parliament. In early August, the second stage of the law comes into force, which concerns the modernization of infrastructure in financial markets.

Recall, that in December, Sygnum has toxenize its shares, Using the Ethereum blockchain and Desygnate platform for asset tokenize. The bank also announced preparations for the upcoming IPO.