blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Swiss Bank Cité Gestion Makes a Game-Changing Move by Becoming First to Tokenize Its Own Shares

Shayan Chowdhury by Shayan Chowdhury
January 24, 2023 - 10:01 am
in adoption news, blockchain news
0
Bank Cité Gestion
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Private Swiss bank Cité Gestion makes a bold step in the Web3 payment industry by tokenizing its own shares, which will set a new benchmark for the private banking sector. 

The payment industry has undergone a significant transition with the advent of cryptography and Web3 technologies. Banks have been working to develop a revolutionary payment infrastructure by incorporating Web3 models to improve the protection of account confidentiality, prevent counterfeiting, and eliminate other types of fraud. Recently, Swiss bank Cité Gestion has built a new benchmark in the private banking sector by tokenizing its own shares, implementing the Taurus technology and diving deeper into the blockchain-based payment world. 

Swiss Bank Makes History In Tokenization

Tokenization is converting traditional assets, such as shares, into digital tokens that can be traded and stored on the blockchain. Cité Gestion, which has been an independent Swiss private bank since 2009, has now deployed Taurus’ technology to tokenize its shares to provide ample features and enhanced encryption to its shareholders. 

According to a latest statement, this move from Cité Gestion will be the first in the private banking sector to issue shares in a tokenized form, in compliance with the ledger-based securities under Swiss law. The statement stated that Cité would go into an agreement with a prominent crypto firm Taurus to implement smart contracts in issuing and listing its tokenized shares. 

Private Banks Starts Utilizing Web3 Technology

The buzz around tokenization is heating up in the world of payments, as it continues to earn the trust of financial institutions and open the door for traditional finance players to bring more investors into the exciting new world of Web3. In a recent statement, Taurus said, “We believe that digitizing private assets and securities is becoming the norm in the digital asset industry.”

The private bank explained that the process of tokenization was executed by following the standards of the Capital Markets and Technology Association (CMTA). Christophe Utelli, Deputy CEO of Cité Gestion, said, “Taurus and the application of the CMTA standards ensure that an adequate risk management framework is at the heart of the process. It was important for our bank to be among the first to take advantage of the new possibilities offered by Swiss law for the digitalization of securities by tokenizing our own shares.”

By tokenizing shares, Cité Gestion aims to pave an easier way for investors to trade shares and open multiple doors to keep track of their holdings and ownership. This step from the private bank may also bring enough liquidity and transparency for shareholders, which will eventually help them in deciding on the investment option. 

Taurus gained its securities license from the Swiss Financial Market Supervisory Authority last year, and now the crypto firm aims to develop a Web3 ecosystem by providing investors and banks the power to enter into the blockchain space with tokenized securities. Tokenization of shares is not only a bold step in leading the crypto space for a good cause for Cité Gestion but also the whole banking industry. It is expected that other private banks will soon follow in the footsteps of Cité Gestion and indulge in creating their own shares to give the banking industry a Web3 shape, leading to a more efficient and transparent way of trading shares, which would benefit both investors and companies.

Tags: AdoptionBlockchainCryptocurrencyEcosystemWeb3
ShareTweet
Shayan Chowdhury

Shayan Chowdhury

Shayan Chowdhury is a freelance writer and digital nomad. He loves thinking, learning and writing about the crypto space. He is a crypto enthusiast who has gathered 3 years of writing experience. Through his in-depth research about the Web3 and analysis, he delivers high-quality engaging articles with clarity.Besides being a skilled journalist, he is a professional video editor. In the era of blockchain, he aspires to touch overwhelming success. He now works for BlockchainReporter as a news writer.

Recommended For You

Justin Sun Says His KPI for Current Year Is to Make TRX Adopted by 5 Countries as Their Legal Tender

by Umair Younas
January 29, 2023 - 10:41 am
0
Tron TRX

Justin Sun labelled this objective as ambitious. Nonetheless, he noted that dedication and hard work can play a significant role in achieving his goal.

Read more

Kapital DAO and Rainmaker Games Team Up to Boost Web3 Gaming

by Ifeanyi Egede
January 27, 2023 - 10:06 am
0
kapitaldao rainmaker

Kapital DAO partners with Rainmaker Games, a leading blockchain games discovery platform, to explore ecosystem growth.

Read more

Argo Lawsuit Development: Johnson Fistel Requests Information from Shareholders

by Kester Odero
January 27, 2023 - 9:15 am
0
Argo Blockchain

As per Johnson Fistel, LLP, Argo Blockchain plc investors filed a class action case targeting investors who have been linked with fraudulent acts.

Read more

Astar Network Collaborates with Equilibrium to Initiate Latest HRMP Channels

by Umair Younas
January 27, 2023 - 6:00 am
0
Astar Network

Astar network asserted that it is a crucial point to create the upcoming generation of exclusive dApps and take the Web3 world to new heights.

Read more

ZenGo Leads the Way as the First Non-Custodial Wallet on Polygon with No Seed Phrase Risks

by Mushu Butt
January 25, 2023 - 2:10 pm
0
Zengo

ZenGo has become the first non-custodial wallet on Polygon with no seed phrase vulnerability, offering users secure self-custody of digital assets.

Read more
Next Post
Bitcoin

Bitcoin on the Move as It Briefly Tops $23K

PARTNERS LIST

PRESS RELEASE

China’s “Instagram” chooses Conflux Network for permissionless blockchain integration

by chainwire
January 25, 2023 - 8:42 am
0

Toronto, Canada, 24th January, 2023, ChainwireLittle Red Book, (XiaohongShu), the Chinese version of Instagram integrates Conflux Network as permissionless blockchain...

snowfall protocol

Snowfall Protocol (SNW) Takes the Spotlight as Waves (WAVES) Founder Unveils New ‘Undepeggable’ Stablecoin and Ripple’s (XRP) New Commercial Released

by Max Clark
January 25, 2023 - 7:02 am
0

The cryptocurrency market has seen its fair share of ups and downs, but one project that seems to be gaining...

Snowfall

Binance (BNB) Will Back Terra Classic’s Upgrade, Cardano (ADA) Introduces Custom-built Sidechains, Snowfall Protocol (SNW) to Have its Grand Launch Soon

by Wayne Jones
January 24, 2023 - 4:53 am
0

While the former two are in the headlines due to recent changes in their ecosystem, Snowfall Protocol (SNW) is all...

Snowfall Protocol

Terra Classic (LUNC) and Polygon (MATIC) Shows Instability Signs, While Snowfall Protocol (SNW) Presale Raises $4M

by Max Clark
January 23, 2023 - 12:00 pm
0

This article will critically examine why Snowfall Protocol (SNW) is gaining ground and why Polygon and Luna Classic's (LUNC) price...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.