Cryptocurrency

Swiss Bank Cité Gestion to tokenize company shares on Ethereum

Swiss-based private bank Cité Gestion has reportedly partnered with Taurus Technology to tokenize and manage the company’s shares on the Ethereum blockchain.

According to a Coindesk report, Cité Gestion will leverage Ethereum’s smart contract capabilities to create, distribute and manage equity services.

Taurus said the tokenization of Cité Gestion shares was carried out in accordance with the standards of the Capital Markets and Technology Association (CMTA).

Christophe Utelli, deputy CEO of Cité Gestion, said that the application of CMTA standards will ensure that proper risk management is taken into account when issuing tokenized assets.

Uteri added:

“It was important for our bank to be one of the first to take advantage of the new possibilities regarding the digitization of securities provided by Swiss law by tokenizing our own shares. .”

Cité Gestion will reportedly become the first private bank to issue its own securities under Swiss law.

Since its founding in 2018, Taurus has helped more than 15 companies in Switzerland and Europe to tokenize their securities.

According to Taurus, the digitization of personal wealth and securities will become the new normal.

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