Crypto asset tokenization has been boosted by a partnership between SEBA bank and TokenSoft. The Switzerland based bank is fully regulated and crypto licensed. This arrangement will see investors willing to tokenize their assets to achieve their goals without any friction.
TokenSoft International AG is the European distributor and SEBA will tokenize assets and issue tokens tailor-made to suit individual or institution requirements before issuing them once they are live. TokenSoft’s role is to distribute technology to targeted users.
Demand for crypto asset tokenization rising
The head of asset tokenization at SEBA, Matthew Alexander says the bank provides custodial services and the bank is coming up with mechanisms to liquidate illiquid assets. This he says will enable the traditional and digital financial system.
SEBA bank offers custody and storage for both fiat and crypto on top of other financial services. Since its inception in 2018, demand for its services has been on the rise since it creates a bridge platform between digital and fiat economies as Alexander says:
The bank was established really to become a bridge between the fiat banks and the digital economy and digital banking so our perspective [is] that really what could be missing globally is an enterprise-grade regulated safe storage and custody [service].
TokenSoft CEO Mason Border assured clients that the service can be scaled easily and the underlying software has the capacity to handle more than 30,000 users in the coming days. This makes it the right fit to integrate with SEBA bank and serve the growing crypto asset tokenization increasing demand :
The custody integration is designed to be done in a scalable way,” he said. “There are not really many throughput limitations, and so as new customers come in this technology should be able to scale up … it’s designed to handle a large number of issuers and investors.
On its part, SEBA through its marketing and communication manager, Eva Oberholzer expressed their on crypto sphere insecurity and lack of awareness but added that they can develop products that are already in the market but unique to the crypto goer. She adds that crypto asset tokenization is the future and early onboarding is the key.
SEBA facilitates transition to crypto asset tokenization
Crypto asset tokenization is a new concept and the industry is on the transition stage. SEBA is only facilitating the shift from the traditional banking system to digitalized ecosystems. Scalability is one of the top priorities and Borda emphasizes that the SEPA ecosystem is highly scalable. This results from being built on “traditional banking systems” that can be easily integrated into blockchain ecosystems and can handle the volumes that comes with it.
The two partners are planning to launch in Switzerland and other European countries before the close of 2020. Thereafter, they will launch in the Middle East depending on how fast they get licensed and approved by respective regulating bodies and crypto-asset tokenization demands add Alexander:
I think it is really just finalizing those last few weeks, the tests on some parts of the of the platform itself and then we already of course have been working in various [jurisdictions] where this could be immediately deployed. So I think it’s just a matter of us, you know, pushing forward to find solutions for the overall tokenization product or service that we’re working on with counterparts and I think by the end of this year, we’ll see this really working in action.