Cité Gestion, an independent Swiss private bank founded in 2009, is using Taurus technology to tokenize its shares, making it the first private bank in the world to tokenize its share capital.

Taurus, a European leader in digital asset infrastructure for banks, will support the Swiss bank to tokenize its share capital, as well as enable it to manage the smart contract that creates the shares and perform asset management of its securities.

The digital securities were created using the CMTAT standard, an open-source smart contract published by the CMTA and designed specifically for tokenizing securities, and distributed on Ethereum.

The tokenization of the bank’s shares was done in accordance with Swiss law and standards set by the Capital Markets and Technology Association (CMTA), a Swiss nonprofit organization based in Geneva, whose goal is to promote the use of blockchain technologies in traditional capital markets.

Christophe Utelli, Deputy CEO of Cité Gestion, said:

“It was important for our bank to be among the first to take advantage of the new possibilities offered by Swiss law for digitizing securities by tokenizing our shares.

The CMTA standard was a natural choice for tokenization: open-source, verified and recognized by the industry. Taurus and the use of CMTA standards ensure optimal risk management throughout the process.” 

In contrast, Sébastien Dessimoz, co-founder and managing partner of Taurus, says:

“We are pleased with the partnership with Cité Gestion for the tokenization of their shares. Last year we participated in the tokenization of 15 companies, covering a wide range of assets. Almost half of these were from regulated institutions or organizations. We believe 2023 will see an acceleration of the sector, and we are ready to support private companies to come on board.”

The Swiss private bank emerges as one of the first to take advantage of the new possibilities offered by the Swiss Securities Digitization Act. Soon others may follow suit.