Switzerland-based FINMA-licensed cryptocurrency bank SEBA announced its partnership with Corda-based Digital Asset Shared Ledger (DASL). DASL, the liquidity network for digital assets, will work with SEBA to allow institutional clients to issue and invest in Digital Securities. SEBA is a Swiss regulated bank that is getting into the asset tokenization space, and in particular, it plans to tokenize financial instruments. Because of its focus on a compliant route targeted at institutions, it has decided to adopt a solution based on R3’s enterprise blockchain Corda.
Matthew Alexander, Head Tokenization at SEBA Bank, explains:
“Widespread adoption of Digital Assets and securities by institutions requires trusted venues for distribution and for secondary trading and liquidity. DASL provides SEBA with an immediate and secure platform for our Digital Securities product range. We look forward to combining our strengths with those of DASL to further enhance our client solutions and services.”
SEBA said that its major focus is to reduce the gap between traditional and digital financial systems. This partnership will also allow SEBA Bank to offer asset securitization services on Corda’s public blockchain network.
Richard Crook, Founder DASL stated:
“We are delighted to partner with SEBA Bank and bring them onto the public Corda Network with DASL.DASL provides an accelerator to the digital capital markets for SEBA’s institutional clients.”
So why was DASL Built on Corda? R3 understands the challenges associated with handling digital assets in a regulated environment. The need for privacy of transactions, the lack of appetite for volatile crypto-currencies, the mitigation of AML/CFT risk through KYC, and finally, the importance of scalability to cope with financial volumes. There are many other challenges but these four surface time and time again.