Taurus and Cité Gestion are pleased to announce that Cité Gestion, an independent Swiss private bank headquartered in Geneva, has partnered with Taurus to digitize its share capital in the form of registered securities, a process commonly referred to as “tokenisation”. The tokenization of the bank’s shares was carried out according to Swiss laws and standards established by the Capital Markets and Technology Association (CMTA), a Swiss non-profit organization based in Geneva, whose goal is to promote the use of blockchain technologies in traditional capital markets.
The tokenization process could be completed in minutes thanks to Taurus’ tokenization platform, Taurus-CAPITAL. The digital securities were created using the CMTAT standard, an open source smart contract published by the CMTA and specifically designed for the tokenization of securities, and deployed on Ethereum, a public blockchain. Pending its full entry into the digital assets sector, Cité Gestion has also chosen Taurus to manage the smart-contract and the entire life cycle of its securities.
Lenz & Staehelin, the Swiss law firm, advised Cité Gestion on the legal and regulatory aspects of the transaction.
Christophe Utelli, Deputy Chief Executive Officer of Cité Gestion, underlines: “At Cité Gestion, our vision is to enable our clients to take full advantage of technological progress in the capital markets, and in particular the enormous potential for rationalization and profit of efficiency offered by blockchain technology in this area. It was important for our bank to be among the first to exploit the new possibilities offered by Swiss law for the digitization of securities through the tokenization of our shares. The CMTA standard was a natural choice for tokenization: open-source, verified and recognized by the Taurus industry and the use of CMTA standards ensure optimal risk management throughout the process.
2023 is the year of tokenization: accelerating the digitization of private assets
Sébastien Dessimoz, co-founder and managing partner of Taurus says: “We are happy to partner with Cité Gestion for the tokenization of their shares. We participated in the tokenization of 15 companies last year, covering a wide range of assets. Half of they come from institutions or regulated bodies, we believe that 2023 will see an acceleration of the sector and we are ready to accompany private companies to make the leap in quality”.
Taurus believes that the digitization of private assets and securities will become a new normal in the digital asset industry. In line with his belief, Taurus has developed a complete technology stack for its customers; including a tokenization platform, digital asset custody, blockchain node operation; supplemented by a FINMA authorization for trading in tokenized securities. To date, Taurus has been involved in 15 transactions involving shares, private debt, structured products of Swiss and European companies.
City management information
Cité Gestion is an independent Swiss private bank founded in 2009 offering the best of both worlds: the security of a Swiss bank and the independence of an external asset manager/family office. Its core values are entrepreneurship, open architecture and the absence of conflicts of interest between the bank and its customers. Cité Gestion focuses on offering its clients a highly personalized asset management service.
Taurus SA is a Swiss company, founded in April 2018, which provides an infrastructure for the management of all types of digital assets – cryptocurrencies including staking, tokenised assets and digital currencies – covering issuance, custody and trading . With a market share of over 60% in Switzerland, Taurus is also the European leader in the banking segment, used by all financial institutions: systemic banks, universal banks, online banks, crypto-banks, private banks and brokers. Taurus also operates a regulated market for private assets and tokenized securities.
For more information about Taurus, visit https://www.taurushq.com