Zurich, 28 April 2021 – Sygnum Bank announced today that it has joined the InterWork Alliance (IWA), a platform-neutral, non-profit organization dedicated to creating the standards frameworks needed to increase innovation across token-enabled ecosystems. As the only bank with a regulated, end-to-end tokenization solution, Sygnum will contribute its knowledge and experience to drive the development of sustainable standards for tokenization.
- Sygnum will collaborate with the IWA’s global member-base to set the standards for tokenization and will be a core member of the newly formed Debt Equity Working Group
- Common standards and interoperability across the ecosystem will enhance customer experience and foster mass adoption of tokenization
- Sygnum’s insight across the tokenization value chain will support the work of the IWA
Establishing standards for asset tokenization will foster greater adoption
As a member of the IWA, Sygnum will collaborate with the organization’s global member-base to set the standards for building distributed applications, including appropriate frameworks for tokenizing items of value, writing contracts for those tokens, and privacy-preserving analytics of multi-party data.
In particular, Sygnum will be a core member of IWA’s newly formed Debt Equity Working Group, together with SIX Digital Exchange (SDX), the digital asset trading platform of SIX. The group aims to establish common standards for bond and equity tokenization, providing a starting point for the issuance and trading of asset tokens within regulated, institutional markets and setting the foundation for further work in more diverse and complex assets over time.
“Common standards and interoperability across the ecosystem are critical to realising the benefits of tokenization across the value chain”, says Markus Abbassi, Head of Tokenization at Sygnum Bank. “It will enhance customer experience, fostering adoption of tokenization and opening up the multi-trillion market for asset tokens”, he adds.
Sygnum to contribute expertise gained from building its regulated, end-to-end tokenization solution
Sygnum launched its regulated, end-to-end tokenization solution in November 2020. As the only bank with a fully integrated, institutional-grade tokenization offering, Sygnum will contribute its knowledge and experience to drive the development of sustainable standards for tokenization as a member of the IWA and Debt Equity Working Group.
“We are excited to have Sygnum join IWA and believe the team will be able to greatly support our work. Their invaluable insight across the end-to-end value chain of tokenization and experience as a bank will help to ensure that the standards we define are practical and meet compliance and regulatory requirements,” says Marley Gray, Chairman of InterWork Alliance.
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally. To learn more about Sygnum, please visit www.sygnum.com.
About InterWork Alliance
The InterWork Alliance (IWA) is a non-profit, member-led organization creating platform-neutral specifications and trusted certification to define how digital token business processes can interwork regardless of location or market segment. By focusing on real-world projects, market requirements, and performance metrics, the IWA will define tokenization and interworking standards to drive business-level interoperability, multi-party interchange, and trust across applications and networks. Our global membership includes leaders, adopters, innovators, developers, and businesses representing the best practices for every use case the token-powered ecosystem has to offer. To join the IWA, please reach out to membership@InterWork.org. To learn more about the IWA, please reach out to info@InterWork.org or visit https://interwork.org/. Follow IWA on Twitter @IntWorkAll; Facebook: InterWorkAll; and LinkedIn: InterWork Alliance