The move comes after Switzerland adopted a new distributed ledger technology law that recognises tokenised securities as an asset class that can have their legal ownership rights transferred via a blockchain.
Finma-licenced Seba Bank had already indicated that it would tokenise its shares of the Series B fundraising when the law came into force. The equity tokens are fully secured by the DLT Law, and shall be issued and held within Seba’s banking-grade digital custody in a Finma-regulated environment.
The tokens are based on ERC20 Ethereum protocol and are “engineered to allow seamless connectivity for trading and liquidity on future internationally recognised digital liquidity venues,” says the bank.
[Seba:] “With the DLT law coming into force today, Switzerland reaffirms itself as one of the most progressive and innovative legal and regulatory jurisdictions around the world that now fully supports the issuance of digital securities on a native blockchain basis.”