Cité Gestion is the first private bank in the world to tokenize its share capital. With Taurus technology

First private bank to tokenize its shares under Swiss law

Taurus and Cité Gestion are pleased to announce that Cité Gestion, an independent Swiss private bank based in Geneva, has partnered with Taurus to digitize its share capital in the form of registered securities – a process commonly referred to as “tokenization”. will. The tokenization of the bank’s shares was carried out in accordance with Swiss law and the standards of the Capital Markets and Technology Association (CMTA), a Swiss non-profit organization based in Geneva, whose aim is to promote the use of blockchain technologies in to promote traditional capital markets.

The tokenization process could be completed in minutes thanks to Taurus’ tokenization platform, Taurus-CAPITAL. The digital securities were built using the CMTAT standard, an open-source smart contract published by the CMTA and specifically designed for tokenizing securities, and hosted on Ethereum, a public blockchain. Pending its full entry into the digital asset sector, Cité Gestion has also chosen Taurus to manage the smart contract and the entire life cycle of its securities.

Lenz & Staehelin, the Swiss law firm, advised Cité Gestion on the legal and regulatory aspects of the transaction.

Christophe Utelli, Deputy Managing Director of Cité Gestion, emphasizes: “Our vision at Cité Gestion is to enable our clients to take full advantage of technological advances in the capital markets and in particular the enormous potential for rationalization and efficiency that blockchain technology offers in this one Area. It was important for our bank to be one of the first to use the new possibilities that Swiss law offers for the digitization of securities by tokenizing our own shares. The CMTA standard was an obvious choice for tokenization: open-source, audited and industry-recognized Taurus, and the use of CMTA standards guarantees optimal risk management throughout the process.

2023 is the year of tokenization: accelerating the digitization of private assets

Sébastien Dessimoz, co-founder and managing partner of Taurus, mentions: “We are delighted to work with Cité Gestion to tokenize their shares. We participated in the tokenization of 15 companies last year, covering a wide range of assets. Half of them come from institutions or regulated bodies. We believe that 2023 will see an acceleration in the industry and we are ready to help private companies take the plunge.”

Taurus believes that the digitization of personal wealth and securities will become a new normal in the digital asset industry. According to its belief, Taurus has developed a complete technology stack for its customers; including a tokenization platform, custody of digital assets, operation of blockchain nodes; supplemented by a FINMA license to trade in tokenized securities. To date, Taurus has been involved in 15 transactions involving equities, private debt and structured products from Swiss and European companies.

About the city government

Cité Gestion is an independent Swiss private bank founded in 2009 that offers the best of both worlds: the security of a Swiss bank and the independence of an external asset manager / family office. Its core values ​​are entrepreneurship, open architecture and the absence of conflicts of interest between the bank and its customers. Cité Gestion focuses on offering its clients a highly personalized wealth management service.

About Taurus

Taurus SA is a Swiss company founded in April 2018 that provides infrastructure for the management of all types of digital assets – cryptocurrencies including staking, tokenized assets and digital currencies – covering issuance, custody and trading. With more than 60% market share in Switzerland, Taurus is also the European market leader in the banking segment, which is used by all financial institutions: system banks, universal banks, online banks, crypto banks, private banks and brokers. Taurus also operates a regulated marketplace for private wealth and tokenized securities.

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