Swiss Bank Cité Gestion First to Issue Tokenized Securities Under Swiss Law
• Swiss Bank Cité Gestion has teamed up with Taurus technology to tokenize and manage its company shares on the Ethereum blockchain.
• The tokenization of Cité Gestion’s shares was executed in accordance with the Capital Markets and Technology Association (CMTA) standards.
• Cité Gestion will become the first private bank to issue its own securities under Swiss law.
Switzerland-based private bank Cité Gestion has recently announced a collaboration with Taurus Technology to tokenize and manage its company shares on the Ethereum blockchain, becoming the first private bank to issue its own securities under Swiss law. According to the statement, the tokenization of Cité Gestion’s shares was executed in accordance with the Capital Markets and Technology Association (CMTA) standards.
Cité Gestion Deputy CEO Christophe Utelli remarked that the application of the CMTA standards will ensure that adequate risk management is considered while issuing the tokenized assets. Utelli added:“It was important for our bank to be among the first to take advantage of the new possibilities offered by Swiss law for the digitization of securities by tokenizing our own shares.“
Using the Ethereum blockchain, Cité Gestion will be able to create, distribute, and manage the servicing of its shares. This will enable the bank to issue its own securities in a secure and efficient manner, allowing it to better serve its clients.
Taurus, founded in 2018, has helped over 15 companies tokenize their securities across Switzerland and Europe. The company believes that the digitalization of private assets and securities will become the new standard.
Commenting on the collaboration, Taurus CEO, Andreas Wieland said: “We are delighted to support Cité Gestion in tokenizing their own shares. This is a big step forward for the industry and we are proud to be part of this milestone.”
The new collaboration between Cité Gestion and Taurus Technology is an important milestone in the tokenization of private securities. The successful implementation of the project will pave the way for other private banks to issue their own securities on the Ethereum blockchain in a secure and efficient manner.