Credit Suisse works closely with the Swiss cryptocurrency custody and trading platform Taurus to create shares based on Ethereum (ETH/USD) in Swiss sports resorts and tokenize them via the Ethereum blockchain. The Swiss bank has tokenized its shares in Alaïa SA, an adventure sports company that owns a hotel and cabins in the mountain resort of Crans-Montana. The news was announced today.
Swiss Government Allows Tokenize Transactions
Taurus and Credit Suisse are working closely together to create tokens according to Swiss CMTA standards. In February of this year, the Swiss government revised the law to allow tokenized securities transactions on the blockchain and give them the same legal status as traditional asset transactions.
Taurus co-founder Lamine Brahimi said in an interview quoting Invezz:
“The law recognises that blockchain is an effective ledger and that you can use it to register stocks. I think this is a very important step for large regulated institutions as there is no ambiguity now. What I find interesting is that this project is not just about tokenizing stocks and “booking them in the system”. It also carries out private placements based on tokenized securities, i.e. capital increases, intending to provide secondary market transactions for these securities. Both the bank and Alaïa have committed to this.”
The Next Step of Credit Suisse on Ethereum Blockchain
Credit Suisse plans to organise a private placement for the tokenized shares of Alaïa. The stock will be listed on the TDX (Taurus Digital Exchange) in the first quarter of next year. This provides Alaïa employees and investors with liquidity. At the beginning of the year, Taurus received a license to operate the digital asset market, issued by the Swiss market regulator FINMA.
This is the third time the resort has seen blockchain-based stocks. Three years ago, the Templum trading platform launched the so-called Aspen Coin, the tokenized share of the Aspen Resort in St. Regis, Colorado. These stocks were later available on Overstock’s tZero trading platform. Recently, Indonesian resorts have been using NFT (non-fungible tokens) for tokenization and auctions.