Swiss private bank, City management has tokenized his actions in the form of security tokens released on the blockchain Ethereum through the Capital platform of Bull. Another step towards transformation of the traditional capital markets.
Switzerland and its financial players are determined to maintain the country’s status in the world of finance. And this requires the adoption of uses and technologies from the world of crypto-assets.
Thus, the Swiss private bank City managementfounded in 2009, announces that it has completed the tokenization of its capital. His shares are now available in the form of security tokens.
Security tokens issued on Ethereum
The Ethereum tokens corresponding to the capital shares of the traditional financial operator were issued in accordance with Swiss financial legislation. Cité Gestion was supported for this by the company Lenz & Staehelin, but also by the CMTA.
The share tokenization it is based on the standards set by the Capital Markets and Technology Association (CMTA). The Geneva-based organization, of which the bank is a member, promotes the use of new technologies in traditional capital markets.
The tokenization was carried out with the agreement of the Swiss Financial Market Supervisory Authority or FINMA. From a technological point of view, the operation used the Swiss platform Bullwhich has customers in France.
Tokenization simplifies the management of securities
The company founded in 2018 provides an infrastructure for digital asset management: issuing, custody and trading, of digital currencies such as security tokens. The tokenization of the shares made use of Taurus-CAPITAL and the smart contract published by the CMTA.
While waiting to fully enter the world of digital assets, Cité Gestion has also chosen Taurus for the management of the smart contract and for the asset servicing of its securities”, specifies the supplier.
For the private bank, this tokenization operation finalized last December presents several benefits. Registering tokens on the public Ethereum blockchain thus facilitates and accelerates exchanges.
Tokenization, a commercial asset for a bank
According to Andrea Baldassa, his blockchain manager interviewed by News Heiditokenization also rhymes with a simplification of the traceability of fundskeeping of the register of shareholders and of the payment of dividends.
The next step for the bank is to develop and improve the offer for its customers. And for this he deemed it necessary “to be among the first to take advantage of the new possibilities offered by Swiss law to digitization of titles “.
Our vision is to enable our clients to take full advantage of technological advances in the capital markets, and in particular the enormous potential for streamlining and efficiency that distributed ledger technology offers in this sector.” Christophe Utelli, Deputy General Manager of Cité Gestion.
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