Credit Suisse Will Tokenize A Swiss Resort On Ethereum: Report

Swiss banking giant Credit Suisse Group AG CS is working with crypto custody firm Taurus to tokenize shares in adventure sports company and ski resort owner Alaïa SA.      

What Happened: According to a report from CoinDesk on Tuesday, Credit Suisse and trading platform Taurus are working on creating tokens of Alaïa SA that fall in line with the Swiss Capital Markets and Technology Association (CMTA) standards.

The Alaïa shares will be tokenized on the Ethereum ETH/USD blockchain, as per the report.

Credit Suisse will then organize a private placement for Alaïa’s tokenized shares, after which they will begin trading on Taurus’s digital exchange to provide liquidity for Alaïa investors and employees.

The firms estimate trading will go live sometime around the first quarter of 2022.

Unlike several other countries that have cracked down on tokenized versions of shares, Switzerland has updated its law to allow them to trade on the blockchain with the same amount of legitimacy accorded to traditional stocks.

“The blockchain is recognized in the law as a valid ledger whereby you can register shares,” said Taurus co-founder Lamine Brahimi in an interview with CoinDesk.

“I think that’s a very important move for large regulated institutions because now there’s zero ambiguity,” he added.

Price Action: At press time Tuesday morning, Ethereum was trading at $3,420.16, gaining 1.05% and Credit Suisse was up 1.22% at $9.99.

Photo: Eliabe Costa on Unsplash