Swiss telecommunications giant Swisscom has made a test run with tokenized assets on the Blockchain and three banks have taken part in the pilot scheme.
A group of companies led by Swisscom and Deutsche Boerse have completed a test program with tokenized securities, according to a statement released on Tuesday.
The test, which was based on the Daura platform saw the participation of Zuercher Kantonalbank, Bank Vontobel and Falcon Private Bank, an early mover in all things Blockchain.
Daura Ahead of SDX?
«With this proof of concept, the partners demonstrate how the immediate and secure settlement of legally binding security transactions in shares of small- and medium-sized enterprises (SMEs) could work in the future,» said the consortium led by Swisscom and Deutsche Boerse.
The banks involved acted as counterparties for the transactions and exchanged securities tokens against cash tokens using distributed ledger technology. Deutsche Boerse provided the cash tokens in Swiss francs through its Eurex Clearing. The money was deposited as collateral in the central bank account of Eurex Clearing at the Swiss National Bank (SNB).
SDX Prototype
Meanwhile, the Swiss stock exchange operator SIX is working on its own Blockchain-based exchange – the Swiss Digital Exchange (SDX). It is said to have developed a prototype and intends to launch in the fourth quarter of 2020.
The inclusion of commercial banks in the project has emerged as one of the challenges for SDX, said its chairman, Thomas Zeeb, in an interview recently. Zeeb expects the digital exchange to take at least another ten years before it will replace the current format.
